Bitcoin and other cryptocurrencies dive on news of algorithm failures

News of a collapse in one of the world’s top cryptocurrencies has triggered a steep tumble in markets across the globe. As of 6:15 a.m. Eastern time, Bitcoin was down nearly 22 percent, according…

Bitcoin and other cryptocurrencies dive on news of algorithm failures

News of a collapse in one of the world’s top cryptocurrencies has triggered a steep tumble in markets across the globe. As of 6:15 a.m. Eastern time, Bitcoin was down nearly 22 percent, according to Coindesk.

The price of Ethereum plummeted about 30 percent. Ripple, which requires that users be authorized to be able to receive money, was down just over 14 percent. Bitcoin mining-and-mining software giants Nvidia and Intel were down 6 percent and 9 percent respectively. Shares in Bitcoin-mining companies Bitmain and Riot Blockchain were down about 18 percent and 18 percent.

The crash comes as questions mount over whether there is enough demand for the cryptocurrency, which was initially created as a way to access investment from anonymous sources. In the past week, news about a global digital cash network based on the company Monero has also sparked some concern, as Bloomberg reports. The explosion in the cryptocurrency market has begun to dampen for many investors.

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