Crypto Massacre: Why Value of Bitcoin, Ethereum, Ripple, NEM & Others Sharply Fell

AOn June 15, the cryptocurrency market experienced a major market correction as the value of leading cryptocurrencies including Bitcoin, Ethereum, Ripple, Ethereum Classic and NEM sharply fell.

In total, the cryptocurrency market lost around $16 bln in market cap, moving back down to $95 bln after achieving a historic milestone earlier this week by surpassing the $100 bln mark.

Cryptocurrencies, in general, had a good run and maintained strong momentum over the past few months. Bitcoin, in particular, began to receive extensive media coverage from mainstream media outlets such as the Wall Street Journal and CNBC. Traditional newspapers including the WSJ continuously featured Bitcoin on their front page, comparing Bitcoin price to that of gold and reserve currencies such as the US dollar.

Only four days ago, Bitcoin price established a new all-time high of $3,018. Within a week, Bitcoin price surged from around $2,300 to $3,018.

However, as seen in the trend of Bitcoin price dating back to 2009, Bitcoin always had a minor market correction after establishing its new all-time high and rising to a new peak. However, Bitcoin price frequently stabilized at a region higher than the previous peak. For instance, when Bitcoin price plunged from $2,700 to $1,900 overnight amid a minor market correction, Bitcoin price established a new all-time high in the $3,000 region.

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