Reports suggest that the slump in the crypto market was the outcome of China’s intensified crackdown on Bitcoin mining.
(Photo: iStock)
The value of most valued cryptocurrencies on the chart, including Bitcoin, Ethereum, Thether, Binance, Caradano, Doge and others, remained weak on Tuesday, a day after the crypto market witnessed a broad-based crash caused by China’s intensified crackdown on BTC.
AT 6.56 pm, the value of Bitcoin was at $30,044.77, down by 6.5 per cent with its market cap at $563,048,319,539. Similarly, Ethereum (ETH), Thether (USDT), Binance Coin (BNB), Caradano (ADA) and XRP were down by 7 per cent, -0.4 per cent, -18.0 per cent, -16.7 per cent, -17.0 per cent, respectively.
The value of popular meme cryptocurrency, Dogecoin, also tumbled to $0.177402, down by -19.6 per cent in a period of 24 hours, with its market cap at $22,868,471,488.
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Reports suggest that the slump in the crypto market was the outcome of China’s intensified crackdown on Bitcoin mining. The domino effect in the crypto world has now left investors worried. However, experts say that this was not a new development.
“As always, leverage, large participants and fundamental events mean crypto can move dramatically,” Justin d’Anethan, chief of exchange sales at crypto exchange operator EQONEX, told Reuters.
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