The value of the major cryptographic currencies dropped sharply on Thursday morning, with $ 13 billion being wiped out in a few hours. Bitcoin fell by 5% to $ 6,303 while XRP and ethereum fell by 10% according to data. In just three hours, cryptographic currencies lost $ 13 billion. The next drop is attributed to new warnings from financial authorities in various countries around the world who view cryptographic currencies as a threat to the economy.

In a recent report, the International Monetary Fund said the rapid growth of assets could create problems for the international financial system. Many cryptographic currency enthusiasts hoped that 2018 would be their year. But the opposite has happened. The collapse of the value of cryptographic currencies was followed by hacking of high profile in various scholarships and fraud with ICOs. All of these factors have caused bitcoin to fall from $ 19,738 since December 17, PCW reports.

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