Daily Times

Bloodbath continued in the crypto market on Sunday and prices of major cryptocurrencies plummeted after reports that China has committed once more to launch a crackdown on cryptocurrency.

As of 1150 hours GMT, bitcoin, the world’s biggest cryptocurrency, shed 13.85 percent to reach $33,185. With this decrease in price, the market capitalisation of the BTC has reached $612 billion.

Likewise, ethereum (ETH) shed 22.34 percent to reach $1,908. With this decrease in price, the market capitalisation of ETH has reached $221 billion.

Similarly, XRP shed 25.14 percent to reach $0.710. The market capitalisation of BNB stands at $71 billion after this decrease.

Furthermore, Cardano (ADA) price dipped to $1.13 with 22.39 percent decrease in its price. Its market capitalisation has reached $36 billion with this decrease.

Likewise, dogecoin (Doge) shed 18.83 percent to reach $0.288. With this decrease in price, the market capitalisation of Doge reached $37 billion. The crypto prices plunged after reports that China has committed once more to launch a crackdown on cryptocurrency. Bitcoin and other cryptocurrencies plunged as anxiety spread through the market.

The world’s most heavily traded cryptocurrency plunged as low as $30,202 on Wednesday last. Bitcoin then recovered slightly but later it went down again. Alongside bitcoin’s fall, several other major cryptos also went down.

China’s chilly stance toward cryptocurrency goes back years. While the country doesn’t completely ban cryptos, regulators in 2013 declared that bitcoin was not a real currency and forbade financial and payment institutions from transacting with it. At the time, they cited the risk that bitcoin could be used for money laundering, as well as the need to “maintain financial stability” and “protect the yuan’s status as a fiat currency.”

“The Chinese position on cryptocurrencies is clear from the beginning: trading and usage of cryptocurrencies are simply forbidden,” wrote Ipek Ozkardeskaya, senior analyst at Swissquote, in a research note. “Therefore, the news is nothing ‘new’, but given that crypto traders are too sensitive to negative news nowadays, it adds to the downside pressure on cryptocurrencies.”