Crypto Markets Lose $13B In Three Hours

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In about three hours, $13 billon of value was wiped out of the crypto market as the values of major digital currencies plunged. Bitcoin dropped by roughly 5 percent and Ethereum and XRP dived by more than 10 percent at around 10:30 a.m. HK/SIN time, CNBC reported.

Ethereum, XRP and bitcoin are far from their highs. Bitcoin, for instance, was valued at $6,242.10 as of 9:38 a.m. on Thursday (Oct. 11) – and in 2017, by comparison, it was worth nearly $19,783.21 on Dec. 17. The difference marks a drop of over 68 percent.

Today’s drop happened as financial authorities are warning about a possible economic threat. In a recent report, the International Monetary Fund noted

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