Bitcoin falls, China New Regulations Rises, Ethereum, Dogecoin, Solana, Cardano Joins the Falling side

China bans cryptocurrency

After having a massive and successful 2021 Cryptocurrency market has faced its most downward trend at the beginning of 2022. After many experts’ predictions that 2022 will be a good year for the cryptocurrency market, today it recorded its worst clash. As the analytics experts market was fully bullish but today it turn into a massive bearish mode.

bullish Crypto Market
Unsplash image by olieman.eth

At this time the bitcoin is trading at $42,930.22 according to CoinMarketCap.It is almost an 8.02% depreciation in 24 hours. Bitcoin is currently having an $812 billion market capitalization.

According to experts, Bitcoin will still continue its depreciation in the next few days because of the panic and the massive selling power. Furthermore market won’t be able to recover soon despite if investors look forward to collecting bitcoin even at a low price without selling will make a significant price up. It’s all up to investors.

So now the global crypto market is down 8.97% over the past day. Below shows the recent market prices.

Bitcoin(BTC)- $42,996.15 ( -7.58%)

Ethereum – $3,406 (-10.65)

Tether (USDT) – $1 (+0.01%)

Binance Coin (BNB) – $473.86 (-7.45%)

Solana(SOL) – $150 (-10.75%)

Cardano (ADA)-  $1.24 (-6.61%)

Ripple (XRP)-  $0.7652 (-7.50%)

Terra (LUNA)-  $77.01 (-9.39%)

Polkadot (DOT)-  $26.18 (-12.69%)

Avalanche (AVAX)-  $94.68 (-9.78%)

Dogecoin (Doge)-  $0.1585 (-6.68%)

Shiba Inu (SHIB)-  $0.00003014 (-7.63%)

Polygon (MATIC)-  $2.21 (-7.09%)

After Tesla accepted Bitcoin the cryptocurrency market had its main uptrend. After China bans initial coin offerings, block exchanges and warned against trading.

China Banned Bitcoin
pixabay image by PublicDomainPictures

Furthermore, China Ordered Bitcoin Mining to stop in SICHUAN province and warned the banks to stop crypto transactions recently. So now China central bank, the People’s Bank of China has officially banned digital currencies and has announced all transactions regarding cryptocurrency are illegal.

With a massive population in China, this ban will make a great impact recently and also in the future. A large number of crypto users are banned now the market will have to take new decisions to move from this bearish mode

End of the Story

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