Bitcoin plunged from about $6350 to $5500 last week, dragging much of the cryptocurrency market with it. After stabilizing for a couple of days, another big selloff started yesterday, as Bitcoin briefly dropped below $4400 and is sitting at about $4800 now. Etherium and XRP took similar nosedives, and about $45 billion of the entire cryptocurrency market's former ~$200 billion market cap has been
wiped out since the beginning of November. Some publications are pointing to
Bitcoin's forks and and a deluge of ICOs as a source of the trouble.