The fall of the cryptocurrency market doesn’t seem to stop, and it has reached a point where Bitcoin value was registered $5,947.40. With this fall in the price, BTC has declined more than 50% in the last few weeks. From seeing a meteoric hike of around $20,000 dollars, the value of the cryptocurrency has taken a nose dive and has reached back to where it was last November. The massive fall in price (almost -65%) was followed by other altcoins, and the overall market cap has reached around $300 billion. The market is not able to recover as one after the other bad news is hitting it in the past few weeks.
China Bans Cryptocurrency; Market Cap Drops to $300 Billion
The latest news from China proved to be nothing less than fatal for the price of Bitcoin. The Asian country is reportedly blocking its citizens from accessing websites that trade in cryptocurrency or offer information related to ICOs. Advertisements pertaining to cryptocurrency are also removed from search engines and social media platforms.
The Chinese government had already banned ICOs and taken down crypto-exchanges in the country. However, the citizens were still dealing in cryptocurrency using foreign services. In order to make the ban more effective, China will now use ‘Great Firewall of China’.
A news reported on the local channel on Sunday stated that the authorities are increasing efforts to restrict virtual currency trading platforms. The Chinese exchanges who took rescue in foreign lands post the Beijing ban are also under the radar.
The cryptocurrency sell-offs have been massive in the last two weeks following the increased regulation in UK and US. JP Morgan Chase, Bank of America, Lloyds Banking Group and Citigroup have also decided to ban the purchase of cryptocurrency from their credit cards.