Daily Times

The crypto market plunged on Tuesday amid US monetary policy concerns and the continued tightening of regulation of cryptocurrencies in China, and the market capitalisation dropped 9.4 percent to $1.572 trillion as of 1230 GMT.

The price of bitcoin, the largest cryptocurrency, dropped to its lowest in over a week, and shed 9.02 percent to reach $33,100. With this decrease in price, the market capitalisation of the BTC has reached $619 billion. Likewise, ethereum (ETH) price fell by 10.3 percent to reach $2,521. With this decrease in price, the market capitalisation of ETH has reached $293 billion.

Similarly, XRP shed 9.86 percent to reach $0.866. The market capitalisation of XRP stands at $86.5 billion after this decrease.

On the other hand, Cardano (ADA) price reached $1.54 with a 10.63 percent decrease in its price. Its market capitalisation has reached $49.4 billion with this fall. Similarly, dogecoin (Doge) shed 10.9 percent to reach $0.332. With this decrease in price, the market capitalisation of Doge reached $43 billion.

Analysts point to an increased crackdown on bitcoin trading and mining in China by way of explanation. Over the weekend, Chinese regulators blocked a number of cryptocurrency-related accounts on the Twitter-like Weibo platform. Investors are also following the possibility that the US Federal Reserve could start to unwind from its liquidity-boosting quantitative easing programme, with some claiming that the monetary policy is unlikely to affect crypto and gold. The news that the US Justice Department has “found and recaptured the majority” of the cryptocurrency ransom paid by Colonial Pipeline to its hackers to regain access to the system has also been closely watched by investors.