Mass suicides as crypto currencies nose dive
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All cryptocurrencies are falling at a record rate amid a major financial crash this morning. Most have fallen more than 20% per cent over the morning, and the price of bitcoin has dropped below $12’000 and Etherium crashing from $1’500 to $900.
Just days ago, bitcoin was marching towards $20’000. But just today it has fallen dramatically taking it down almost 40 per cent over the last month.
Bitcoin is the best performing of the various cryptocurrencies over the morning.
Ripple, the third largest cryptocurrency, had dropped by as much as 30 per cent amid major volatility. Ethereum, the second largest crypto technology fell by more than 30 per cent.
The price of cryptocurrencies tends to fluctuate wildly, and far more quickly than other more traditional assets and currencies. But the plunge in the early hours of Tuesday morning is extreme even in that market.
The drop came as South Korea officials look to impose new regulations on the currency. Finance minister Kim Dong-yeon suggested that the country might ban trading in the currencies entirely.
Major markets such as New York have banned crypto currency exchanges entirly with many large markets looking to follow.
Major FOREX currencies such as the USD and EURO also crashed as a result of the estimated multi TRILLION dollar loss the crypto crash brought to the global economy.
Often traded woth high leverages such as 1:100 or even higher in some cases most crypto investors do not have enough capital to ride out such crashes and loose everything including their homes and businesses.
Tuesday morning saw initial reports from Japanese health authorities claiming upto 3’500 people world wide have taken their own lives as a result of financial ruin during the crash. Many hoped their life insurance would help to provide a home and food for their spouse and children, something they could no longer do.
The suiccides have lead to financial authorities acrodas the globe revisiting the possibilities of a total crypto technology crackdown and out right ban by law.
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