Among the hardest hit were Ripple, Litecoin and Bitcoin cash, which at the time of writing were down 25 per cent, 11 per cent and 13 per cent respectively on the previous day, while Bitcoin was trading at $US15,215 ($A19,364), down more than seven per cent.
The Ripple (XRP) price has been totally smashed, with the price down by 16.7% in 24 hours. The digital coin has lost 9.6% of its value in the past 24 hours and its market capitalisation now stands at almost $86 billion. Bitcoin, meanwhile, maintains its top spot with a valuation of $255.1 billion.
"This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity".
THE value of global cryptocurrencies plummeted after an influential index removed prices from the South Korean exchanges without warning. Those who seek to profit quickly by investing in cryptocurrencies need to do so with caution.More news: John Dickerson to replace Charlie Rose on CBS This Morning
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Ripple, the white-hot cryptocurrency that has more than doubled in the past week, fell as much as 39 percent from the all-high reached yesterday.
However, new investors must be careful to understand cryptocurrencies before entering the market.
Ripple's price, which rose as high as $3.65 last week, may have gotten an extra push southward after the largest US -based cryptocurrency exchange Coinbase quashed rumors that it might allow trading of Ripple in the near future. "Any statement to the contrary is untrue and not authorized by the company", Brian Armstrong's feed said.
At the same time, investors have also been worrying as to whether Ripple is in bubble territory.
That dispelled hopes that Ripple would be exposed to even more investors, namely, those on Coinbase. The asset has jumped 900% in the past month alone.