A strong blow has been struck the last two days the cryptocurrency market, as it is estimated that its market capitalisation has fallen by over $100 billion. The bitcoin, on Thursday, January 21, declined 8% to $31,007, falling below $32,000 for the first time since January 11.
No one knows exactly what is responsible for bitcoin's downward movement, although analyst Grayscale Investments, Michael Sonnenschein, he speaks of a normal correction. «Corrections are a natural part of any market and especially of the bitcoin ecosystem. Since 2016 to date we have experienced six corrections of almost 30%», he told CNBC.
Losses for ether as well
Except for bitcoin, the second largest cryptocurrency, ether, also fell, which fell by 10% in the last two days after touching an all-time high of $1,439. As a result of the decline of bitcoin and ether, the total value of the cryptocurrency market lost more than $100 billion in the last 48 hours, falling from $1.06 trillion to nearly $945 billion.
«I think you have to accept that there is a huge volatility in bitcoin and it's still in the very early stages,» said Anthony Scaramucci, founder of SkyBridge Capital and former communications director of White House, in CNBC.
