Over the past day, the rates of the largest cryptocurrencies fell to 8% due to new statements by the People’s Bank of China (NBK) about the risks of cryptocurrencies.
Over the past 24 hours, cryptocurrencies have shown a new wave of decline. Bitcoin fell by almost 6% to $ 32,077, while Ether fell to $ 2,124, having lost more than 8.25% of its value in a day. Other altcoins also showed declines. BNB, the coin of the cryptocurrency exchange Binance, dropped about 5% to $ 310. Cryptocurrency ADA also fell to $ 1.34, almost 4%.
XRP, whose issuer, Ripple, is still involved in litigation with the US Securities and Exchange Commission (SEC), did not stand aside. XRP fell 6.55% to $ 0.61. The DOT coin fell by about 7.67% and is trading around $ 15 today.
By the end of the day, the market recovered slightly, but the upward bounce still looks like a minor correction. In the short term, the market is likely to remain behind the bears.
The comic cryptocurrency DOGE showed the biggest drop in a day. The DOGE price fell by more than 8.28% and now stands at about $ 0.21. Even recent
messages Tesla CEO Elon Musk on Twitter is no longer able to toss DOGE up. Earlier, after Musk’s tweets about Dogecoin, its rate could accelerate to 30%.
The fall in the cryptocurrency market was largely influenced by the next statement of the Chinese central bank. He called bitcoin and stablecoins speculation tools that could undermine the stability of the financial system. That is why in June, the NBK banned banks from serving any customers associated with digital assets. In addition, in connection with the implementation of the state program to reduce carbon emissions into the atmosphere, a ban on mining was introduced in all Chinese provinces.
However, despite these restrictive measures, the NBK remains concerned that cryptocurrencies continue to generate interest from users.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
