The cryptocurrency trackers Coindesk and CoinMarketCap crash as Bitcoin, Ethereum and Dogecoin collapse
CoinMarketCap and Coindesk, online resources for finding the price of cryptocurrencies, have fallen.
The websites crash comes amid yet another crash in cryptocurrency values; Bitcoin, Ethereum and other digital currencies have fallen dramatically in the wake of China’s imminent crackdown on the use and trading of virtual currencies.
Bitcoin’s price in particular has fallen over $ 10,000 in the past few hours, with customers reporting difficulty accessing accounts.
CoinMarketCap lists market capitalization, price, volume, supply, 24-hour price change and a graph of this price over 24 hours. However, now visitors are faced with a 500 Internal Server Error.
“Sorry for the inconvenience. Please report this message,” read an error message on the website.
The Independent has approached CoinMarketCap for comment. Coindesk was not immediately available for comment.
Before the website went down, it was reported that the volume of trade had increased as people tried to sell their coins and get some of their money back before the slump continued.
In the past 24 hours, more than $ 250 billion in cryptocurrency has been traded, an increase of nearly 40 percent.
In China, three government-sponsored organizations – including the China Banking Association – warned that digital currencies were not “real” and “should not and may not be used as currency in the market”.
The statement also stated that the “speculative activity” that has surrounded virtual currencies is endangering people’s property and “normal economic and financial order”.
The Governor of the Bank of England recently issued a similar warning: cryptocurrencies have “no intrinsic value” and people who invest in them should “be prepared to lose it all”. [their] Money”.
Tesla CEO Elon Musk, who has been a digital currency advocate in the past, also recently announced that the auto company would not accept payments in cryptocurrency, causing a minor crash in the market.