Over $100 billion wiped off global cryptocurrency market in 24 hours

#Over $100 billion was wiped off of the global cryptocurrency market in 24 hours on Friday.

#Concerns over tighter regulation, and worries that the bitcoin price was manipulated on a major exchange called Bitfinex by a cryptocurrency called Tether, weighed on prices.

#Bitcoin, ethereum and ripple all saw their prices tank.

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10 Hours Ago | 00:43
Over $100 billion was wiped off the global cryptocurrency market in 24 hours on Friday amid concerns over tighter regulation and worries that the bitcoin price was manipulated on a major exchange.

The total market capitalization or value of all cryptocurrencies in circulation stood at $405 billion Friday morning New York time, according to data from CoinMarketCap.com, which takes into account the prices of digital coins across a number of key exchanges. This was a fall of $112.6 billion in value from a day before.

Cryptocurrencies have seen a major sell-off this week. Bitcoin fell below $9,000 on Thursday and briefly dropped below $8,000 Friday morning, according to CoinDesk's bitcoin price index, which tracks prices from four major cryptocurrency exchanges.

Other major coins including ethereum and ripple were down 12 percent and 13 percent, respectively, compared to a day ago as of 9:58 a.m., ET, Friday.

The cryptocurrency world has been plagued by a spate of negative news.

India's Finance Minister Arun Jaitley said the country wants to "eliminate" the use of digital currencies in criminal activities, signaling tighter regulation in the country.