Ripple slips 1%, China State TV warns from cryptocurrencies

Ripple fell over one percent or $0.01 on Tuesday on track for the second straight loss after Chinese State TV warned from cryptocurrency trading, with an official investigation claiming that an investor lost tens of million of yuan in the market so far this year.

As of 05:33 GMT, ripple fell 1.30% to $0.6662 from the opening of $0.67513, with an intraday low at $0.65529, and a high at $0.67682, with ripple's market value now falling to $66.4 billion. 

The official investigation claimed that investor Yang Chao has bet on the market only to lose two million yuan before China's ban of the ICO exchange, before losing additional sums later. 

Yang Chao said that the ICO ban imposed by the central bank failed to to convince investors like him to stop trading, noting that extreme volatility in crypto prices was a hook for him. 

Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing 85% of value rapidly in the last few months, and closing the first quarter of the year below $0.5.