Ethereum and stellar lumens, two of the world's biggest cryptocurrencies, have led the latest sell-off sweeping the bitcoin and crypto market —which has seen some $10 billion wiped from the total value of the world's cryptocurrencies in just 24 hours. Bitcoin itself got hit hard, recorded losses of more than 8% over the last day and taking its price down to yearly lows of under $3,300. Ethereum and stellar lost 12% and 13% respectively.
Ethereum's ether, the tradeable token of the ethereum network, temporarily fell to $13 on GDAX , a high-performance trading platform operated by Coinbase, in a flash crash that exacerbated ethereum's sell-off and sent it well into double digital territory for the first time this year.
Ethereum has been falling steadily throughout 2018 after an epic bull run last year. Getty
The bitcoin and wider cryptocurrency market has been stuck in a steep downward trend all yea r , with a civil war in the bitcoin cash cryptocurrency last month triggering a sudden sell-off that has spooked investors and sparked fears bitcoin and other major digital tokens could lose their entire value.
The battle for control of the bitcoin cash network saw bitcoin ABC take over, granting it the bitcoin cash name and leaving its rival bitcoin SV struggling for survival. Bitcoin SV has staged a come back in recent days, however, briefly overtaking bitcoin cash by market capitalization as it loses less in the latest rout.
After months of relative stability, bitcoin volatility exploded in November, with bitcoin recording its steepest monthly plunge in seven years and sparking speculation the bitcoin experiment could be coming to an end .
The ethereum price has this week fallen under $100 for the first time in 2018. Coindesk
Ripple's XRP has also struggled recently, with the traditional financial services sector focused token initially insulated from so-called crypto winter.
Ripple, the common name for the XRP coin, is down around 9% over the last 24 hours and off by more than 40% over the last month.
Despite the mass sell-off that has hit the bitcoin and cryptocurrency market over the last month, major U.S. exchanged Coinbase has today announced it plans to add support for 90% of the largest digital assets by market capitalization.
The latest bitcoin and cryptocurrency sell-off left only bitcoin SV in the green. CoinMarketCap
"Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law," the San Francisco-based exchange said in a blog post . "Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap. To make this vision a reality, we evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world."
After much speculation, Coinbase has said it is considering adding major coins Cardano, EOS, Neo, Stellar lumens, and Ripple's XRP.
The bitcoin cash civil war is not the only bad news for bitcoin over the last month, with the U.S. Securities and Exchange Commission (SEC) cracking down on the crypto space in recent weeks, fining two companies last month that hadn’t registered their initial coin offerings as securities.
Last week, the head of the SEC said that concern over a lack of investor protections means he is minded not to approve a closely-watched bitcoin exchange-traded fund application. A decision from the SEC is expected at the end of December....