Three-Fourths of Major Crypto Are Now Down 90% From All-Time Highs
Among the 15 largest digital coins by circulating market cap, 11 of them have declined by more than 90% from their respective record highs.
Ripple’s XRP, the second largest cryptocurrency, last traded at 0.34365 on Thursday, down 92% from its record high of $3.84 in January 2018.
Meanwhile, Ethereum currently trades at $104.1, down 93% from its all-time high at $1,431.
Bitcoin plunged by 81% since peaking around $20,000 and is now trading at $3,873.8.
Digital coins have fallen dramatically in recent weeks, with news of regulatory scrutiny and a hard fork in Bitcoin cash cited as major headwinds for the crypto industry.
Media reported earlier this week that members of the G20 agreed to work on international effort to regulate cryptocurrencies in line with standards stipulated by the Financial Action Task Force (FATF), an intergovernmental organisation launched in 1989.
The move is seen as an effort to curb tax evasion by investors and traders of crypto-assets. G20 members included crypto-assets in the joint declaration at the end of the summit.
Meanwhile, reports on Thursday said Japan is considering requiring crypto exchanges to provide information on their clients who have been suspected of tax evasion.
Citing government sources, reports said “a significant number” of individuals did not properly disclose their profits from cryptocurrency transfers and activities.