NEW YORK – The price of a number of virtual currency slumped earlier this week. Bitcoin and ripple became the largest digital currency that experienced the most significant decline.
Quoting CNBC on Tuesday (9/1/2018), ripple prices declined 12.6 percent on Monday (8/1/2018) local time on Bitstamp digital currency exchange. The sale and purchase of Coinmarketcap.com digital currency denote bitcoin prices falling nearly 30 percent.
However, the ripple price drop on the page is due to Coinmarketcap.com excluding prices from a number of exchanges in South Korea.
Meanwhile, bitcoin prices slumped 10.6 percent and lite coin 8 percent, according to the Coinbase page. A bite in the stock index also weakened 11.7 percent in Cboe, had at the level of 14,810 US dollars or equivalent around Rp 199.9 million.
Meanwhile, the price of ethereum rose 2.4 percent to the level of 1100.50 US dollars or equivalent to Rp 14.8 million.
Throughout the year 2017, the value of bitcoin jumped 1,500 percent. The ripple value rocketed 35,000 percent.
Unlike many other digital currencies, ripple works with major institutions. This makes the ripple has an aura of legitimacy and is more practical.
However, some digital currency watchers say such centralization is in contrast to how digital currency technology should be.
“The reason (value) of the ripple is very high is because of a bubble.Testing digital currency with banking does not make sense.The idea of digital currency is you do not need a bank,” said Erik Voorhees, CEO of ShapeShift, which provides digital exchange services.