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Crypto update: Bitcoin (BTC), Ripple (XRP), and NEO (NEO) smashed

Unfortunately for cryptocurrency traders the crypto market has taken an unwanted turn overnight and declines are being seen across the board.

This has reduced the entire market value to US$334.8 billion according to Coin Market Cap.

Here is the state of play on Thursday morning:

The bitcoin (BTC) price has tumbled 9% over the last 24 hours to US$8,329.31 per coin. This has reduced the market capitalisation of the world’s largest cryptocurrency to US$140.9 billion. Traders appear to have been rattled by reports that Allianz Global Investors have stated that it is a matter of when, not if, the bubble will burst. According to Bloomberg, the investment arm of Europe’s biggest insurer went on to say that the cryptocurrency is worthless, even if blockchain technology could bring significant benefits to investors. In addition to this, search engine giant Google has announced that it will ban crypto advertising.

The ethereum (ETH) price has fallen almost 10% since this time yesterday to US$618.67 per token, leaving it with a market capitalisation of US$60.7 billion.

The Ripple (XRP) price has lost over 9% of its value during the last 24 hours and is down to 71 U.S. cents. The popular altcoin now has a market capitalisation of US$27.8 billion. Ripple has come under pressure recently for a number of factors, one of which relates to a court battle with R3 Holdco over ownership of 5 billion XRP.

The Bitcoin Cash (BCH) price is off 10% during the last 24 hours to US$960.15. The bitcoin spin-off now has a market capitalisation of US$16.3 billion.

The Litecoin (LTC) price has been the least worst performer during the period with a decline of 6.5% to US$163.71 per coin. This decline leaves the popular altcoin with a market capitalisation of US$9.1 billion.

Outside the top five there have been heavy declines for Cardano (ADA), Stellar Lumens (XLM), and NEO (NEO). The latter crypto coin is down almost 14% since this time yesterday.

With sentiment now well and truly negative, I think traders would be better off looking at these investment options until sentiment improves. If it does...

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