Cryptocurrencies Dump $10 Billion as New Zealand Makes Crypto History

New Zealand

Cryptocurrencies declined in unison on Tuesday, as bitcoin returned below $11,000 for the first time in over a week, setting the stage for a deeper correction in the altcoin market. Meanwhile, New Zealand has made crypto history by becoming the first country to permit salary payments in virtual currency.With the exception of bitcoin cash (BCH), all of the top-20 cryptocurrencies traded lower on Tuesday. Week-over-week, crypto markets have lost $21 billion in combined value, according to CoinMarketCap. The asset class is now worth $287.1 billion, down from $296.4 billion just 24 hours ago.While there was no immediate catalyst for the pullback, bitcoin’s gravitational pull on altcoins and tokens likely played a major role. After failing to overcome $12,000 last week, bitcoin has faced renewed selling pressure. That pressure came to a head on Tuesday, as the bitcoin price fell below $10,900 on Bitstamp. It was last down 4% at $10,936.Bitcoin…

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