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Bitcoin : China Has A Huge Role In Cryptocurrency Crash

Crypto market is witnessing a lot of ups and downs these days and this fluctuation in the market is hurting the sentiments of investors. And the major part that has been played in making this market so volatile is China. Earlier, this global crypto market was swayed to Elon Musk’s statement when he refused accepting Bitcoins for any kind of trading. And now after China has imposed nationwide crackdown of all the cryptomining projects, the market has went very down.

China’s Move To Crackdown Cryptomining Projects Has Made Crypto Market Crash

Major cryptocurrencies are in red. Bitcoin, which is the oldest and most expensive cryptocurrency has witnessed it for the first time since January, after hitting an all-time high of almost $65,000 in mid-April that it dropped below $30,000. Because of this fluctuation, this has become very risky to invest in the market, because you are not sure at what price your investment would be trading the other day.

As this market is witnessing high volatility, analysts have clearly suggested the investors that it is very risky to invest in the market, as these are risky assets and wild price swings are common in the virtual coin trading space.

China has always opposed the mining of cryptocurrencies despite of being world’s largest cryptomining country. Back in 2013 also, China Central Bank had asked the financial institutions to stop handling Bitcoin transaction when the prices of virtual currencies jumped from $100 to $1000.

But this time the authorities in China has decided to put a full stop to the mining and trading of cryptocurrencies. Therefore, they have announced a nationwide crackdown in the country and want all the crypto projects to be shut down as soon as possible. As it came as a warning sign for crypto miners, so some of the left the country and shifted their mining work to some other location.

As the market has become highly volatile, so one needs serious appetite to invest in this market. Today, major cryptocurrencies are in red. Bitcoin is trading at $32,856.89 lower by 3.52%, Ethereum is trading at $1827.93 lower by 6.84%, and same goes with other cryptocurrencies. But good news for Dogecoin investors is that Dogecoin is in green and trading at $0.257666 up by 7.71%.

So, this was all for cryptocurrencies trading on June 25, 2021 at 8:30 pm. For more such updates, stay connected with the page.