Cryptocurrencies are getting crushed, with $100 billion wiped out in 24 hours

Market
Insider

• 
  Bitcoin down 5% against the dollar on Friday
  morning.
  


• 
  Ethereum, Litecoin, Bitcoin Cash, and Ripple are also
  all down.
  


• 
  Concerns over regulation, an advertising ban from
  Facebook, and investigations into cryptocurrency Tether have
  all hurt sentiment.
  

---

LONDON — The cryptocurrency market's terrible start to the year
is deepening, with all major digital assets suffering big falls
on Friday morning.

Bitcoin dropped below $9,000 on Thursday and the rupturing of
this level seems to have spooked the market. Here's how major
cryptocurrencies are looking at 7.30 a.m. GMT (2.30 a.m. ET) on
Friday:

Other
cryptocurrencies are registering similarly steep declines. In
fact, the market value of all main cryptocurrencies in
circulation has dropped from just over $500 billion to around
$400 billion in the last 24 hours, as this chart from
CoinMarketCap.com shows:CoinMarketCap.com

Market capitalisation is an inexact measure of cryptocurrencies
(as
my colleague Sam Jacobs has outlined) but it at least gives a
good idea of the scale of the current sell-off.

The crypto market has been on the back foot since the start of
the year,
hit by fears of a regulatory crackdown and slipping Asian
volumes. Bitcoin is now at less than half its December peak
of over $19,000.

More concerns have emerged about the sector this week as
Facebook banned cryptocurrency adverts and US regulators
began investigating Tether,
a cryptocurrency that some fear has been used to inflate the
value of bitcoin.

Indians finance minister also said this week that the Indian
government
"does not consider cryptocurrencies legal tender or coin and will
take all measures to eliminate use
of these crypto-assets in financing illegitimate activities or as
part of the payment system."

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