Another day of a bloodbath for criptocurrencies has passed

Over $6 billion of value was wiped off global cryptocurrency markets in a day.

XRP and ethereum led the plunge as prices of many digital coins continued falling. Bitcoin stabilized, however, after seeing a big drop on Thursday.
There was no obvious single catalyst for the sell-off, but negative comments about cryptocurrencies have recently come from major economists and financial institutions.

"Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system," the International Monetary Fund said in a recent report.

Nouriel Roubini, an economist who predicted the 2008 financial crisis and a long-time cryptocurrency bear, sounded a fresh warning about digital coins.
"Crypto is the mother or father of all scams and bubbles," Roubini told the U.S. Senate Committee on Banking, Housing and Community Affairs at a hearing on Thursday.

Friday's drop was led by XRP, which was trading at around 39.13 cents at 11.32 a.m. HK/SIN time, marking a 7.9 percent drop from the day before. It fell as low as 37.89 cents. Ethereum also fell to around $191.07, dropping 7.4 percent from the day before.

Meanwhile, bitcoin largely stabilized at around $6,278.61, falling just under 0.8 percent on the day.

"Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system," the International Monetary Fund said in a recent report.
Nouriel Roubini, an economist who predicted the 2008 financial crisis and a long-time cryptocurrency bear, sounded a fresh warning about digital coins.
"Crypto is the mother or father of all scams and bubbles," Roubini told the U.S. Senate Committee on Banking, Housing and Community Affairs at a hearing on Thursday.

Cryptocurrency bulls were hoping more institutional investors would get involved in the space thanks to new financial products like bitcoin exchange-traded funds (ETFs) in the U.S. But the Securities and Exchange Commission (SEC) has not approved any ETFs.

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