- Binance coin $357.98, down 4.7% in 24 hours.
- Dogecoin, Polkadot, and Solana were all in the red.
Bitcoin prices fell 3.95 percent to $42,732.98 on Saturday. As per CoinMarketCap estimates, the biggest cryptocurrency’s market cap stood at $801.92 billion.
On Saturday, cryptocurrencies plummeted on the heels of China’s new crackdown. The country’s central bank stated digital currencies “cannot be used as money” and barred businesses from operating cryptocurrency exchanges.
According to Bloomberg, the Peoples Bank of China said,
“All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities.”
China Is One of the World’s Biggest Cryptocurrency Marketplaces
The threat of a payment failure by China’s housing giant Evergrande caused a cryptocurrency crash last week. The Evergrande issue and the US Fed meeting where a possible decision on reducing asset purchases was anticipated led to a significant decline in the cryptocurrency market last week.
Ethereum was worth $343.18 billion, with a price of $2,918.16 per token on Saturday. Cardano rose 2.46 percent to $2.36, whereas the currency fell 0.83 percent in the previous week as per CoinMarketCap.
In the past, on April 13, bitcoin reached $63,729.5. The value of Ether, the second most valuable cryptocurrency behind bitcoin, had risen to $2,317. Recently, the cryptocurrency soared to an all-time high due to favorable news developments globally. However, current developments in China surrounding cryptocurrencies are causing a market decline.
In May, the Chinese State Council pledged to clamp down on bitcoin mining and trade, causing a massive sell-off of cryptocurrencies. Furthermore, China is one of the world’s biggest cryptocurrency marketplaces, and its swings frequently affect worldwide prices.
Binance coin $357.98, down 4.7% in 24 hours. However, Binance currency has lost 13.19% in the past week, bringing its market value to $59.76 billion. Dogecoin, Polkadot, and Solana were all in the red.