[ad_1]
Bitcoin plunged on Monday amid a nationwide crackdown on cryptocurrency mining in China. The world’s largest cryptocurrency fell 1.17% to $ 34,998.68 at 8:15 a.m. IST on June 21 on the coinmarketcap.com index. On June 18, local authorities in southwest China’s Sichuan Province ordered Bitcoin mining to stop due to concerns about energy consumption. After the last order, more than 90% of China’s Bitcoin mining capacity is expected to close, according to reports.
The cryptocurrency market has remained volatile in recent weeks. The cryptocurrency has fallen by half since reaching an all-time high in April. The market value of all cryptocurrencies is around $ 1.45 trillion from a high of around $ 2.6 trillion last month, according to CoinGecko. About 65% of global Bitcoin mining took place in China in April 2020, according to an estimate from the University of Cambridge.
Analysts have cited China’s crackdown on cryptocurrency mining as a concern. “The selling pressure we witnessed last week continues to trouble the cryptos entering this week. Trading volumes for Bitcoin and Ethereum have increased. This indicates increased activity among both buyers and sellers. However, the bears seem to be dominating the bulls at the moment, ”Edul Patel, CEO and co-founder of Mudrex, a global crypto trading platform.
“Bitcoin started the week above the $ 35,000 mark and it looks like it is struggling to stay there. This is a sign that traders are vigilant and making a profit. Ethereum started at 2165, $ 45 and crossed $ 2,200 before falling to around $ 2,000. Ethereum traders will take a close look at the $ 2,000 support level as it is generally considered a psychological support level, ”Patel added .
“Among the much talked about coins, Shiba INU is doing well given the bearish momentum seen among other cryptos. Shiba INU was listed on Coinbase just a few days ago and since then its supporters seem to be quite happy, ”he added.
Take a look at the top cryptocurrencies and their prices on June 21 (data from coinmarketcap.com when posting the article):
Bitcoin $ 34,998.68 -1.17% change in 24 hours
Ethereum $ 2,190.73 0.36% change in 24 hours
Binance Coin $ 333.40 -0.42% Change in 24 Hours
Tether $ 1 0.03% change in 24 hours
Cardano $ 1.39 0.14% Change in 24 Hours
Dogecoin $ 0.2691 -5.27% change in 24 hours
XRP $ 0.7411 -0.96% change in 24 hours
Polkadot $ 20.01 -1.06% change in 24 hours
USD Coin $ 1.00 0.03% Change in 24 Hours
Uniswap $ 20.26 2.84% change in 24 hours
ZebPay Trade Office
“Binance Coin is the native token of Binance, which is the world’s largest and most dynamic exchange. As one of the leading altcoins, it has led the upward trend of the recovery since the market reset. But in the last few days it has seen another downtrend. BNB has a market dominance of 3.40%, ranking third among core cryptos in terms of market capitalization. The asset took several supports at $ 320 (50% of the Fibonacci retracement level). Technically, on a daily period, BNB consolidates and trades in a range of $ 320 to $ 380, ”ZebPay’s trading desk said.
Read all the latest news, breaking news and coronavirus news here
[ad_2]
picture credit