Thursday morning Bitcoin was trading at $6637 against BTC/USDT trading pair. After that, it all of a sudden drops nearly 350 points. At the time of writing this post Bitcoin [BTC] is trading at $6290 against USD as per CoinMarketcap.

While the major analysts have already predicted that the price of Bitcoin will go below $6500. This seems that the prediction by the analysts have come true as the price of Bitcoin drops to $6293 as per CoinMakertCap.

Due to the sudden drop in the price of Bitcoin [BTC], the price of Ethereum [ETH], Ripple [XRP] and many other cryptocurrencies have suffered a massive drop in their price. Nearly $13 billion wiped off the cryptocurrency market due to this price drop of the major cryptocurrency.

Ripple was trading at $0.61 before the start of the Swell Event and now it has suffered a massive drop in their prices. Ripple XRP today drops nearly 12% within a few minutes, it is currently trading at $0.410956 at the time of writing this post. Not only this the price of Bitcoin [BTC] and Ethereum [ETC] too drops nearly $350 and $30 respectively.

The move comes after the warnings from the International Monetary Fund (IMF) that cryptocurrencies “could create new vulnerabilities in the international financial system.”

“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system,” the International Monetary Fund said in a recent report.

Many predictions were coming in the December 2017 that 2018 will be the year of cryptocurrency. But it seems that the scenarios are just the opposite of that. Many governments are cracking down on cryptocurrencies while many are in favor of that.

Malta which is known as the “Blockchain Island” has recently hosted an event naming “Delta Summit“. In the Delta Summit, many big players were invited as keynote speakers. The Prime minister of Malta, Joseph Muscat inaugurated the event.

Many new blockchain related events are in the queue to be hosted this year and in 2019.