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Why Is Crypto Crashing? These Stats Show How Much the Market Has Gone Down

Why Is Crypto Crashing? These Stats Show How Much the Market Has Gone Down On 5/20/21 at 5:20 AM EDT The cryptocurrency market is still reeling from this week s sell off with nearly all major coins in the red in the early hours of Thursday. At around midnight UTC+1 Wednesday the total cryptocurrency market capitalization was just over $2 trillion. At its lowest point that afternoon, it had fallen to around $1.44 trillion, according to CoinMarketCap data a decline of nearly 30 percent. Muyao Shen, a markets reporter for CoinDesk, called the market downturn the biggest sell-off since March 2020. Read more Bitcoin, the world s foremost cryptocurrency, has tumbled and hit its lowest price in three months this week, at one point threatening to drop below the $30,000 mark.

China bans financial companies from providing services for crypto transactions | Business and Economic News

China bans financial companies from providing services for crypto transactions | Business and Economic News China’s latest attempt to curb the emerging digital trading market has caused crypto prices to fall. China prohibits financial institutions and payment companies from providing services related to cryptocurrency transactions, and warns investors not to engage in speculative crypto transactions. This is China’s latest attempt to contain the emerging digital trading market. The three industry bodies stated in a joint statement on Tuesday that under the ban, such institutions, including banks and online payment channels, are not allowed to provide customers with any services involving cryptocurrency, such as registration, trading, clearing and settlement.

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