Bitcoin on Tuesday witnessed the biggest slump in the last two weeks as China had intensified crackdown against cryptocurrency. The world’s largest virtual currency fell 7.73% in the last 24 hours to $32,630.43 as of 0725 hours IST on June 22 on coinmarketcap.com Index. The recent drop pushed Bitcoin’s market capitalisation down to $610.6 billion. Over the last seven days, the popular cryptocurrency tanked nearly 20%. Bitcoin is still down around 50% from its all-time high of $64,778.04 set on Wednesday, April 14, 2021.
Ether dipped 12.10% in the last 24 hours to $1,945.88, according to coinmarketcap.com Index. The coin linked to the ethereum blockchain network fall nearly 25% in the last seven days. The market capilisation of world’s second most popular cryptocurrency stood at $226.7 billion on June 22.
Binance Coin plunged 16.22% in the last 24 hours to $279.25, according coinmarketcap.com.
The global crypto market cap is $1.31 trillion, a 11.75% decrease over the last day. The total crypto market volume over the last 24 hours is $136.16 billion, which makes a 69.17% increase. The volume of all stable coins is now $111.93 billion, which is 82.20% of the total crypto market 24-hour volume.
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In its latest nationwide crackdown against cryptoworld, China has asked the payment platform Alipay and domestic banks to not provide services linked to trading of virtual currencies. The institutions were also ordered to cut off payment channels for cryptocurrency exchanges and over-the-counter platforms. Last week, the local authorities at the southwest province of China’s Sichuan Province had ordered a halt on mining Bitcoins amid concerns over the energy usage.
“The volatility in the crypto markets has spiked up tremendously over the past 24 hours. The volatility was even higher among the smaller currencies. There have been multiple reasons for such massive volatility. On the macro-economic front, China’s crackdown on the miners played a significant role in massive movement on the crypto prices. Many Chinese companies have confirmed to media houses about moving to the US states of Texas and Tennessee. Such events usually create a short-term stir causing a ripple effect and spread towards other cryptos as well," said Edul Patel, chief executive and co-founder, Mudrex- A Global Crypto Trading Platform.
“The point of inflection for BTC was at $34,500. As soon as it broke, several sell orders got triggered. It is why we witnessed a sudden jump in trading volumes. These sell orders further trigger stop losses dragging prices even lower," he added.
Take a look at the top cryptocurrencies and their prices on June 22 (data from coinmarketcap.com while publishing the article):
Bitcoin $32,630.43 -7.73% change in 24 hours
Ethereum $1943.05 -12.20% change in 24 hours
Binance Coin $278.10 -16.92% change in 24 hours
Tether $1 0.02% change in 24 hours
Cardano $1.22 -13.53% change in 24 hours
Dogecoin $0.194 -28.24% change in 24 hours
XRP $0.619 -16.81% change in 24 hours
Polkadot $16.25 -19.63% change in 24 hours
USD Coin $1.00 0.06% change in 24 hours
Uniswap $16.25 -19.01% change in 24 hours