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Bitcoin suffered the biggest drop in the past two weeks on Tuesday as China stepped up its crackdown on the cryptocurrency. The world’s largest virtual currency has fallen 7.73% in the past 24 hours to $ 32,630.43 at 7:25 am IST on June 22 on the coinmarketcap.com index. The recent drop has caused Bitcoin’s market cap to drop to $ 610.6 billion. In the past seven days, the popular cryptocurrency has fallen nearly 20%. Bitcoin is still down around 50% from its all-time high of $ 64,778.04 set on Wednesday April 14, 2021.
Ether has fallen 12.10% in the past 24 hours to $ 1,945.88, according to the coinmarketcap.com index. The coin linked to the ethereum blockchain network has fallen nearly 25% in the past seven days. The market capitalization of the world’s second most popular cryptocurrency was $ 226.7 billion on June 22.
Binance Coin has plunged 16.22% in the past 24 hours to $ 279.25, according to coinmarketcap.com.
The global crypto market cap is $ 1.31 trillion, down 11.75% from the last day. The total volume of the crypto market in the past 24 hours is $ 136.16 billion, which is an increase of 69.17%. The volume of all stablecoins is now $ 111.93 billion, or 82.20% of the total 24-hour crypto market volume.
In its latest nationwide crackdown on cryptoworld, China has asked the payment platform Alipay and domestic banks not to provide services related to trading virtual currencies. Institutions have also been ordered to shut down payment channels for cryptocurrency exchanges and over-the-counter platforms. Last week, local authorities in southwest China’s Sichuan Province ordered Bitcoin mining to stop due to concerns about energy consumption.
“The volatility of the crypto markets has increased dramatically over the past 24 hours. Volatility was even higher among the smaller currencies. There have been several reasons for such massive volatility. On a macroeconomic level, China’s crackdown on miners has played a significant role in the massive crypto price movement. Many Chinese companies have confirmed to the media their intention to relocate to the US states of Texas and Tennessee. Such events usually create a short-term stir causing a ripple effect and also spill over to other cryptos, ”said Edul Patel, Managing Director and Co-Founder of Mudrex – A Global Crypto Trading Platform.
“The inflection point for BTC was at $ 34,500. As soon as it broke, several sell orders were triggered. This is why we have seen a sudden jump in transaction volumes. These sell orders also trigger stop losses, further lowering prices, ”he added.
Take a look at the top cryptocurrencies and their prices on June 22 (data from coinmarketcap.com when posting):
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
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