New York: The cryptocurrency Cassandras—whose dire predictions have gone unheeded like the prophecies of the Trojan princess—are starting to look right. The sector has lost about a third of its market value since peaking in early June, pushing it into what traditional equity market analysts label as a bear market. Backers such as Ripple chief executive officer Brad Garlinghouse, whose money-transfer company is tied to the third-largest cryptocurrency by market value, said he isn’t convinced. Gox, the Japan-based bitcoin exchange that imploded in 2014 after losing hundreds of millions of dollars worth of bitcoin and filing for bankruptcy. This has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the market.

Source: Mint July 11, 2017 15:56 UTC