The Chinese government’s crypto crackdown pushed Bitcoin’s cost below $32,000 and caused $300 billion in market capitalization to evaporate.
Calculated in the past 24 hours, Bitcoin price continued to fall more than 2% to $31,600. Thus, when compared with the start of the year, the purchase price of the planet’s hottest cryptocurrency is only about 11% higher.
Ether price also dropped more than 6 percent to $1,871. Meanwhile, Dogecoin price plunged up to 26.5 to $0.18. Some analysts forecast that the purchase price of Dogecoin could fall to $0.05.
The cryptocurrency market was under great pressure since late last week, when the Sichuan state government (China) ordered the closure of Bitcoin mining pools. Sichuan is among the biggest Bitcoin mining facilities in China.
By the start of the week, the People’s Bank of China (PBOC) cautioned Ant Group and many financial institutions to completely not offer crypto-related services.
The marketplace was so gloomy that investor Jim Cramer — host of the CNBC show Mad Money — disclosed that he “sold most of his Bitcoin holdings”. “I don’t need Bitcoin anymore,” he insisted.
Investor Cramer expressed concern about the Chinese program’s crackdown on the cryptocurrency marketplace and Bitcoin’s function in certain ransomware attacks. He also implied it is possible that the US authorities will tighten control of cryptocurrencies.
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