The cryptocurrency market lost more than 10% over the day. Bitcoin is again trading below $7,000, and the leader of the fall in the top 10 is the EOS blockchain platform token.

Bitcoin trades around $6,700, while Ethereum again fell to $517, and Bitcoin Cash crashed below $1,000. Within the last 24 hours, the cryptocurrency market sank by more than 10%, and its capitalization dropped to $293 billion.

Several factors are blamed to be the reasons of the current drop. According to the crypto-enthusiast John McAfee, the main reason is the information about new investigation of the US financial regulator, involving several cryptocurrency exchanges.

The Commodity Futures Trading Commission of the United States (CFTC) initiated an investigation into the possible manipulation of the bitcoin price after the launch of trading bitcoin futures on the Chicago Exchange CME and requested trading information from four exchanges, Bitstamp, Coinbase, itBit and Kraken, whose rates are used to calculate the price of CME bitcoin futures.

"Do not panic about the drop in Bitcoin's price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don't buy into the fear. Buy the coins," McAfee in his Twitter.

Another factor that played a role in the fall of the cryptocurrency market was the hacker attack on the South Korean exchange Coinrail. Cybercriminals kidnapped PundX tokens from the exchange accounts, but Coinrail managed to track the movement of stolen coins. They were transferred to the IDEX exchange, where they were frozen on request by Coinrail. Coinrail did not immediately specify, whether the hacker attack led to the loss of users' funds. But, according to the experts of the PundiX project, whose tokens, among others, were stolen from the crypto exchange, hackers managed to steal 1927 ETH, 2.6 billion PundiX (NPXS) tokens, 93 million Aston (ATC) tokens, 831 million DENT coins, and significant amounts of six other tokens. According to CoinMarketCap, these assets totaled about $40 million at the time of the hacker attack and $27 million at the current rate.

Among the leaders of the decline is EOS, token of blockchain platform EOS, which last week completed the record crowdsdale, having managed to attract investments worth $4 billion. On the weekend, EOS launched the mainnet and started the voting on block producers that perform the role of miners, completing transactions in blocks. As soon as the owners of 15% of the tokens vote and the first block producers are elected, the EOS blockchain can be considered completely launched. But the voting was accompanied by confusion, as token owners could not understand how and where to vote. In addition, the agency Weiss Ratings noted a high degree of centralization of the EOS network.

"The Gini coefficient, used by economists to measure wealth distribution of countries, when applied to EOS, comes up at 97 (on a scale of 0 to 100). Even if you recognize that crypto communities and countries are two different animals, the fact remains that any Gini coefficient above 60 is problematic. EOS’ coefficient, at 97, is off the charts. Like a feudal kingdom with indentured servants."

Despite the current cryptocurrencies drop, most crypto investors agree that the market will be able to show growth in the future.

“[Cryptocurrency] is a global revolution. The internet bubble was only a U.S. thing. It was rich U.S. people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion,” bitcoin billionaire Mike Novogratz believes.

According to him, this will happen not immediately, but with the arrival of large pension funds on the market.