Bitcoin has taken a beating over the last 4 days, losing well over 15% of its value amid rumors of a PBOC edict requiring financial institutions to shut down accounts of Bitcoin-related exchanges and payment processors. While the veracity of such rumors has been placed in doubt, they certainly have not been entirely dispelled, especially considering the unpredictable path of how such information is disseminated in China.
And true to form, the altcoins are amplifying Bitcoin losses during a phase when the latest threat applies just as much to altcoins and cryptocurrency in general as it does to Bitcoin. It is more comparable to the crypto craze and crash of December, also spurred by similar news out of China, than it is to the MtGox collapse several weeks ago. There, there was a pronounced burden upon Bitcoin relative to others, perhaps a result of the stability of Bitcoin’s protocol being called into question. Altcoins fell only in sync with Bitcoin relative to fiat. On some occasions, they even rose relative to Bitcoin.
Starting with the notable alts, Litecoin is down by over 20% over the stretch, trading near $13.50 as it extends losses after its hyped debut on Huobi rapidly fizzled.
Dogecoin has convincingly broken through its $45 million market cap support level and is now valued at $37 million, or 117 Satoshi. It had been consistently bleeding value for the past month, losing almost 2/3 of its value since establishing record highs and surpassing Peercoin in market cap rank.
Nxt had been hit particularly hard, losing nearly half its value in a 72 hour period, although its decline seemed to have preceded the China news without extending losses thereafter.
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But undergoing near-decimation has been the so-called “national cryptocurrencies”. It’s unclear if their fall was under their own merit, or motivated by the downdraft facing all of cryptocurrency- or a coupled effect thereof, perhaps their bubble burst by Bitcoin’s falling pin.
Auroracoin (AUR), following its Airdrop, has extended losses. One AUR is currently worth $1.64, making for a market cap near $17 million- more than a 98% drop since peaking at $1 billion in market cap. This, despite (or because of) increased distribution of the coin during Airdrop, which is reported as 7.1% complete. While during Airdrop, each citizen would receive some $350 worth of coins, that amount would be roughly $50 today.
Spaincoin is down by 98% since its peak. Aphrodite, more than 99%.
The latest entering the scene are SiliconValleyCoin and Greececoin, which aren’t even experiencing the same initial pops as their predecessors, and literally living up to their manufacturability as “a dime a dozen”.