Cryptocurrencies continue to decline rapidly. Many coin investors in the Cryptocurrencies market are uneasy with their fluctuating graphics.
Cryptocurrencies continue to decline rapidly. While Bitcoin regressed up to 14 percent during the day, Ethereum gained attention with a 16 percent decrease. Many coins in the market made their investors nervous.
Bitcoin dropped below $ 34,000 for the first time in three months on Wednesday, stunned. The situation that led to this was due to the fact that on Tuesday, China was restricting banks and payment companies from their services related to cryptocurrency transactions.
Bitcoin and Ethereum values continue to fall
As of May 23, 2021, the latest situation in cryptocurrencies creates great fear for investors. While Bitcoin fell by about 14 percent to $ 32,800; it declined to 31 thousand dollars during the day.
A similar situation is valid for Ethereum. ETH has now declined to $ 1.9, down 16.39 percent in the last 24 hours. The lowest figure reached during the day was 1.7 percent.
USDT fell 1.41 percent to $ 0.98; ADA fell 22.59 percent to $ 1.19. DOGE fell 15.73 percent and traded at $ 0.29; BNB fell 24 percent and XRP fell 20 percent.
The decline in cryptocurrencies is based on China
Earlier in the week, three major government-sponsored organizations, such as the China National Internet Finance Association, the China Banking Association, and most recently the China Payment and Clearing Association, posted a warning message on social media. They reported that if their citizens suffer any harm in cryptocurrency investment, consumers will not have any protection.
They recently explained that the remarkable fluctuations in crypto currency prices seriously endanger the asset security of people, and this situation disrupts the normal economic order.
According to Cambridge researchers, about 65 percent of Bitcoin mining is carried out in China. Aiming to be carbon neutral by 2060 and reach the highest CO2 emissions in the world before 2030, China has therefore issued various guidelines to restrict miners’ activities since 2019. The statements made this week are also a continuation of the current policies.