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SOURCE Shinhan Dachi Daiwa
TOKYO, Feb. 8, 2018 /PRNewswire/ - Shinhan Dachi Daiwa has commented that the digital currencies, long described as a bubble that's bound to burst, are ?crashing hard across the board for a second month in a row. Several ?cryptocurrencies decreased by more than 60% over the last six weeks, and several billions in value simply disappeared in a few hours reported ??Shinhan Dachi Daiwa research and analysis team.
Bitcoin, the leading cryptocurrency that hit a record of close to $20,000 on ?December 16, is now down more nearly 70 percent off its peak. Other virtual currencies are also plummeting in value, with Ethereum, the ?second largest cryptocurrency, decreasing nearly 30 per cent over the past ??24 hours.?
The far-out Bitcoin alternatives, including Litecoin and Ripple, are also ?performing worst of the market, having dropped least 25% each over the last day.?
Ethereum dipped from $1,450 to as low as $560, while Litecoin fell from ??$370 to $108, and Ripple plunged from over $1 to $0.67 according to the digital currency-tracking site ?CoinDesk.?
A research analyst at Shinhan Dachi Daiwa explained that: "With reports on a renewed ?crackdown on the cryptocurrency in China fuelling anxiety over future ?restrictions, further losses could be on the cards (for bitcoin) in the near ?term. The sharp depreciation witnessed in bitcoin today should remind ?investors on how explosively volatile and unpredictable the cryptocurrency ?can be."?
According to global head of investment ?research at Shinhan Dachi Daiwa, "Most cryptocurrencies are likely to fail with their value falling to ?zero as they don't have intrinsic value," adding that it's "unlikely whether any ?of today's digital currencies are likely to survive in the long run."?
?Overall, the tumble in all cryptocurrencies has erased nearly $500 ?billion of its total market capitalization over the past month, and the situation even ?could get a lot worse.
About Shinhan Dachi Daiwa International: Since 2007 Shinhan Dachi Daiwa have been putting clients' success above all else, we have managed to grow the amount of capital that we have under management substantially, and are now proud to manage 7.8 billion dollars of assets under management which is a responsibility we do not take lightly.
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