Bitcoin prices fell 3.95% in the previous 24 hours to $42,732.98 on Saturday. According to coinsmarketcap.com, the largest cryptocurrency market cap was $801.92 billion.
The China Effect on Cryptocurrency Market
On Saturday, cryptocurrencies plummeted as a result of China’s new crackdown. The country’s central bank stated that electronic currencies “cannot” be used as cash in the market and that firms offering services like bitcoin exchanges are prohibited. “All crypto-related transactions, including those supplied by offshore exchanges to domestic residents, are illicit financial activities,” according to the Peoples Bank of China, according to Bloomberg. The concern of the Evergrande disaster in China, where housing behemoth Evergrande was expected to fail on its payments, caused cryptocurrency prices to plummet in the previous week. The Evergrande issue and the uncertainty surrounding the US Fed meeting, where a probable decision on asset-purchase reduction was expected, caused a significant drop in the Cryptocurrency market in India last week.
Ether Update
On Saturday, the competitor, Ethereum, was trading at $2,918.16, down 5.85%, with a market value of $343.18 billion. On the other hand, Cardano increased by 2.46% to $2.36 after falling by 0.83% in the previous week. Bitcoin’s price reached a high of $63,729.5 on April 13 in the past. Ether, the second-most valued digital currency behind bitcoin, climbed to a new high of $2,317. Because of the favourable news about cryptocurrency worldwide, cryptocurrency soared to an all-time high. However, recent developments in China surrounding bitcoin have caused the cryptocurrency market to plummet. China’s State Council promised in May to tighten down on bitcoin mining and trade to avoid financial risk, causing a massive sell-off of cryptocurrencies. China is one of the largest crypto marketplaces globally, and price changes there have a significant influence on the worldwide price of cryptocurrencies.
Other Alt Coins
According to the CoinDCX Research Team, “Since the crypto market’s sudden loss of US$250 billion in value earlier in the week. This week saw major cryptos such as BTC, ETH, and Cardano dipping into the reds as the House Democrats push for the crypto tax plans and senators demand greater regulatory guidelines from the SEC. Despite cryptocurrency being decentralised from traditional markets, the sector still felt the ripple effect of the Evergrande crisis. While bitcoin has been likened to gold and positioned as an asset class, its dip at the start of the week was a divergence from gold’s hike in price, with investors seeking refuge from the traditional safe-haven asset. Could this be a sign of the crypto industry’s maturity?”
Binance coin is now trading at $357.98, down 4.71% over the last 24 hours. Binance coin, on the other hand, has dropped 13.19% in the previous week, with a market value of $59.76 billion. All of the leading cryptocurrencies, including Dogecoin, Polkadot, and Solana, were red.
Here are the latest prices and trends of popular cryptocurrency:
| Cryptocurrency | Price (US Dollar) | 24-hour change |
| Bitcoin | $42,732.38 | -3.95% |
| Ethereum | $2,918.16 | -5.5% |
| Cardano | $2.36 | +2.46% |
| Tether | $1.00 | +0.01% |
| Binance Coin | $358.16 | -4.37% |
| XRP | $0.9487 | -3.82% |
| Solana | $138.65 | -4.42% |
| Polkadot | $31.55 | +2.25% |
| Dogecoin | $0.2111 | -5.35% |
Read More: At This Point, XRP Closing In Higher Than Bitcoin Is An Uncommon Occurrence.
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