Cryptocurrency prices have nosedived again on Monday after major mining companies announced that they are suspending operations in China. Bitcoin is likely to fall below $35,000 if volatility spikes further today. Check the price and trends of other popular cryptocurrencies.
Prices of popular cryptocurrencies including Bitcoin have fallen sharply on Monday. (Photo: Reuters)
Volatility in the cryptocurrency market remains high after prices recovered sharply following last week’s crash. Most virtual coin prices started dipping again from Sunday as crypto miners started suspending Chinese operations.
Bitcoin, the world’s most popular cryptocurrency, nosedived nearly six per cent at around 9:20 am and is trading just above $35,000. It may fall below $35,000 as the day progresses.
The week has started off on a bad note for Ethereum traders as well. The popular cryptocurrency is trading over 7.5 per cent lower than its price 24 hours ago. At around 9:20 am, Ethereum was trading just above $2,000.
Others like XRP (Ripple), Dogecoin, Chainlink and Litecoin were also trading sharply lower in comparison to their prices 24 hours ago.
While volatility has peaked in the crypto market since last Wednesday, today’s broad-based weakness seems to be triggered as an after-effect of the China crackdown.
Cryptocurrency mining operators are suspending China operations in the country after Beijing’s crackdown on virtual coins including Bitcoin. This decision had taken a toll on cryptos last week and it seems the impact is still not over.
The crackdown on cryptocurrency in China is a major loss to the asset as it is a big business in the country, accounting for as much as 70% of the world’s crypto supply.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
Volume (24 Hours)
|Stellar (XLM)||0.410909||5.52%||$43.33||$2.34 billion|
|XRP (Ripple)||0.796434||-13.36%||$79.73||$10.99 million|
(DISCLAIMER: The cryptocurrency prices have been updated as of 9:40 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)
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