Bitcoin and other cryptocurrencies tank

The price of stocks isn't the only thing that's falling through the floor. Bitcoin and other cryptocurrencies plunged...

Posted: Feb 6, 2018 9:12 AM
Updated: Feb 6, 2018 9:12 AM

The price of stocks isn't the only thing that's falling through the floor. Bitcoin and other cryptocurrencies plunged on Monday.

Bitcoin was down 15% for the day, while ethereum was down a whopping 20%, according to Coindesk.

The cryptocurrency plunge was happening as the Dow dropped more than 1,000 points on Monday, after closing down 666 points on Friday.

The trouble started brewing in December. The Securities and Exchange Commission and the FBI started to crack down on alleged fraud in fundraising by some cryptocurrency companies and traders.

Digital currency had been operating in a regulatory vacuum since bitcoin's debut in 2009. But regulators started paying closer attention and warned investors about potential scams. The SEC created a Cyber Unit to go after suspected fraudsters.

Garrick Hileman, a cryptocurrency researcher at the University of Cambridge, said some big banks also recently pushed back on digital currencies, which are not issued by any government, unlike traditional currencies.

"The recent spate of bad news continues for cryptocurrencies, with several important banks announcing a ban on the purchase of cryptocurrencies with credit cards," he said.

In Asia, where cryptocurrency is particularly popular, China and South Korea have both cracked down on cryptocurrency trading.

Concerns about new restrictions, and rumors over a potential ban in India, have fueled volatility in crypto prices.

Related: Dow drops more than 1,000 points

Bitcoin is the best known of virtual currencies and experienced a wild run-up in value last year to nearly $20,000 before plunging in December.

Hileman said the dramatic increase last year could also be contributing to the pullback in other cryptocurrencies like ethereum, which didn't experience the same level of volatility prior to the current comedown.

Another popular digital currency, litecoin, dropped 10% within a day on Monday. Ripple, which is sort of like a crypto penny stock, also fell 10%.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314710

Reported Deaths: 7254
CountyCasesDeaths
DeSoto21646260
Hinds20369416
Harrison17949309
Rankin13643278
Jackson13450246
Madison10113217
Lee9986174
Jones8384163
Forrest7689152
Lauderdale7198240
Lowndes6403148
Lamar623686
Lafayette6203119
Washington5341134
Bolivar4802132
Oktibbeha462998
Panola4596107
Pearl River4519146
Marshall4450103
Warren4393121
Pontotoc420872
Monroe4115133
Union411176
Neshoba4031176
Lincoln3969110
Hancock379586
Leflore3498125
Sunflower336290
Tate334784
Pike3327105
Scott316274
Alcorn313368
Yazoo311770
Itawamba300577
Copiah297465
Coahoma295579
Simpson295388
Tippah288768
Adams286982
Prentiss280060
Marion269380
Leake268473
Wayne262841
Grenada261587
Covington259881
George248148
Newton246862
Winston227581
Tishomingo227067
Jasper221148
Attala214473
Chickasaw208057
Holmes189174
Clay185554
Stone182833
Tallahatchie178941
Clarke178080
Calhoun170932
Yalobusha164638
Smith162534
Walthall134245
Greene130633
Lawrence128724
Montgomery127142
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton100025
Humphreys96733
Kemper95828
Franklin83923
Quitman81116
Choctaw76418
Wilkinson67531
Jefferson65728
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 540083

Reported Deaths: 11038
CountyCasesDeaths
Jefferson798481529
Mobile41283809
Madison35157506
Tuscaloosa25925455
Shelby25302249
Montgomery24723593
Baldwin21411310
Lee15993172
Calhoun14574319
Morgan14425280
Etowah13925353
Marshall12280225
Houston10648282
Elmore10158206
Limestone10070151
St. Clair9948245
Cullman9768194
Lauderdale9460243
DeKalb8865188
Talladega8341176
Walker7261278
Autauga7005108
Jackson6840112
Blount6773139
Colbert6322135
Coffee5581118
Dale4877113
Russell445738
Chilton4373113
Franklin426382
Covington4138118
Tallapoosa4044153
Escambia394877
Chambers3596123
Dallas3569153
Clarke351561
Marion3140101
Pike312077
Lawrence303098
Winston275873
Bibb264764
Geneva254178
Marengo249865
Pickens234862
Barbour232056
Hale224078
Butler219169
Fayette212862
Henry189943
Cherokee184845
Randolph182542
Monroe178141
Washington167839
Macon161350
Clay157257
Crenshaw153557
Cleburne149641
Lamar143336
Lowndes140653
Wilcox127430
Bullock123242
Conecuh110829
Coosa109228
Perry107826
Sumter105032
Greene92634
Choctaw61024
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Humidity builds across our area through much of your Monday, importing plenty of extra cloud coverage. A few spotty showers and storms are likely, especially during the afternoon. By mid-week, we dry out and temperatures soar toward the weekend.
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