Cryptocurrency Prices Plummet After China Reinstates Ban

Share post:

Digital coins such as Bitcoin, Dogecoin, and other cryptocurrencies are plummeting after China reaffirmed its ban on financial institutions from engaging in cryptocurrency transactions.

While Bitcoin’s price fell to a low of just over $37,000 on Wednesday morning, Ethereum and Dogecoin fell 27% and 29%, respectively, around the same time.

Since the beginning of the pandemic, many cryptocurrencies have gained in value, with bitcoin peaking at nearly $65,000 in April.

Since then, the price has continued to fall in value, with the most recent drop following Tesla CEO Elon Musk’s announcement that the company will no longer accept bitcoin as a means of payment because of the environmental impacts associated with mining bitcoin.

For more information, read the original story in CNET.



Related articles

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

Chainalysis says ransomware payments reduced by 40% in 2022

According to a new report by blockchain forensics firm Chainalysis, ransomware payments are down 40.58% as more victims...

FTX reports missing $415 million in cryptocurrencies due to hacks

FTX informed creditors that it had lost approximately $415 million in cryptocurrencies due to hacks since declaring bankruptcy...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways