[ad_1]
Cardano is among the cryptos that have been losing value since China stepped up its crackdown.
The Cardanos ADA token fell to US $ 1 in overnight and early morning trading amid continued volatility in the cryptocurrency markets.
Changing hands at US $ 1.12, the Cardano token has fallen 14.24% in the past 24 hours, giving it a corresponding market cap of just over US $ 36 billion.
It marks a decline from just under US $ 1.60 a week ago and halving from its all-time high set just over a month ago.
Like other high-tier cryptos, Cardano soared in value during the first few months of 2021. It started the year at a price just below 20 US cents per token.
READ: What is Cardano?
Along with other popular cryptos including Bitcoin and Ethereum, Cardanos ADA fell following tightening and further scrutiny by Chinese authorities.
Over the weekend, the People’s Bank of China (PBOC) ordered all major financial organizations in the country to stop facilitating digital currency transactions.
The PBOC said banks should not provide products and services such as trading and settling cryptocurrency transactions, adding that institutions should also cut payment ties with crypto exchanges and over-the-counter resellers. at will.
The announcement was followed by a statement from the Chinas Postal Savings Bank that it would ban crypto-related activities using its services, while reports have revealed that payment platforms such as Alipay and other giants financial as would follow.
[ad_2]
picture credit