Huge losses of more than 42 billion dollars in two days for cryptos

According to Bloomberg, market investors attribute massive sales in the last few days to the violation of a South Korean exchange, while others believe that the main reason for the negative psychology is the concern about new anti-market measures by China.

Authorities have been thoroughly monitoring bureaucracy exchanges in recent months due to a number of problems and bad practices that have to do with theft, market manipulation and money laundering. Bitcoin today has declined by more than 12% since its Friday afternoon price, with losses since the beginning of the year reaching 53%.

Most cryptos have fallen, resulting in a total capitalization of digital coins following to $ 298 billion. At the beginning of the year the capitalization was $ 830 billion.

The enthusiasm for digital coins has fallen in part due to a series of electronic thefts, including the $ 500 million theft from the Coincheck exchange in late January. Although the latest electronic infringement occurred in the South Korean Coinrail Exchange, which is much smaller than Coincheck, the news has mobilized investors’ reflexes, triggering a wave of sales, according to an analyst from Oanda Corp. in Singapore.