Yesterday the cryptocurrency markets went through yet another bloodbath that China started again. Bitcoin dumped $4,000 in minutes but managed to complete a partial recovery so far. Most cryptocurrencies suffered the most, and some failed to rebound decisively, including ETH, which is still below $3,000.
Trying to recover bitcoin
The past few days have been going really well for the core cryptocurrency. It recovered from the price drop below $40,000 and added several thousand dollars in value.
This culminated in yesterday’s retest of $45,000, which became a multi-day high. At this point, though, as the bulls were preparing for another price hike, the Chinese central bank decided to remind the world of its hostile policy against the cryptocurrency industry.
The institution’s latest statement, which was published a few weeks ago, banned financial institutions, payment companies and internet platforms from facilitating cryptocurrency trading.
As it usually happens when China chases after the digital asset space – prices drop instantly. Bitcoin has fallen sharply as it lost more than $4,000 in an hour.
After bottoming at about $40,600, the bulls climbed up and started raising their leg. In the following hours, BTC regained nearly $3,000 and briefly topped $43,000. So far, though, the asset has lost some ground and currently stands at around $42,500.
ETH under $3,000; Only ADA in green
Altcoins suffered more than their leader during yesterday’s bloodbath. Ethereum price rose from a daily high of $3,100 to $2,750. Although it has also regained some ground since then, the second largest cryptocurrency is still well below the coveted $3000 price tag.
On a 24-hour scale, most metallic plates are still good red. This includes Binance Coin (-6%), Ripple (-4%), Solana (-2.5%), Polkadot (-6%), Dogecoin (-5%), Avalanche (-4%), and Terra (-2.5) %).
Cardano is among the very few exceptions with a slight 2% increase. As a result, the ADA is standing above $2.3.
Among the lower-cap coins, Celer Network is the most impressive gainer, up 27% to $0.16. In contrast, Huobi Token (-24%), Filecoin (-13%), Curve DAO Token (-11%), NEAR Protocol (-11%), Bitcoin SV (-10%), and Dash (-10%) They lost more.
The cryptocurrency market cap has fallen by nearly $200 billion a day but has recovered about half of that and currently stands at $1.9 trillion.
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