Cryptocurrency bitconnect took a nosedive with prices falling 97% today. The fall came after BitConnect said it’s closing its lending and exchange platform after receiving cease and desist letters from Texas and North Carolina. The coin had a nearly $3 billion market cap, and traded as high as $322 on Tuesday, dropping to $6.09, according to CoinMarketCap.com data.



Bad week for miners out there with nearly all major cryptocurrencies down between 20-40% in the last week. Hopefully that means good news for gamers who need a new video card, but the chances of that happening soon are slim.

BitConnect also said “continuous bad press has made community members uneasy and created a lack of confidence.” In addition, several denial of service attacks on BitConnect ‘s platform “have created more panic inside the community,” the company said.

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Source: [H]ardOCP – Now That’s a Crypto Crash