But these three major cryptocurrencies are not the only ones to suffer last week. Almost every top 10 performing cryptocurrencies had fallen in value, according to CoinMarketCap.
The crypto market has always been unstable, there are many reasons for this recent dramatic fall, but experts believe the biggest factor in its decline is the volatile nature of most decentralised digital currencies.
Yesterday the Bank of Japan Governor Haruhiko Kuroda questioned Bitcoin’s stability. He told Bloomberg: “Most of the trading is speculative and volatility is extraordinarily high.”
The fall of Bitcoin seems set to continue. Experts warn of further falls to Bitcoin’s value throughout Friday after it slumped below the $40,000 price level.