Bitcoin and other cryptocurrencies are trading in red. As per Coindesk, the 24-hour low of Bitcoin was $33,380.58 (6 8.30pm IST). In the case of Ethereum, Cardano, XRP and Dogecoin, most cryptocurrencies were down due to the sell-off in the market.
According to Yahoo Finance, a sell-off in the crypto market has continued into the weekend as China's crackdown gathers pace. If reports are to be believed, China has extended the crackdown on “Bitcoin mining industry to its biggest bitcoin producing provinces, including the southwest province of Sichuan.” Sichuan officials ordered cryptocurrency mining projects to close in the major mining centre on Sunday. This move has put more pressure on one of the world's most vital markets for trading and mining digital currencies.
At 9.10 pm IST, Bitcoin was traded at $34,561.18. In the case of Ethereum, it was down by 5.08 per cent, and was priced at $2,121.94. Cardano was down by 2.55 per cent, and was priced at $1.38. Dogecoin was trading at $0.272060 at 9.14 pm IST.
According to a report, ByteTree Asset Management data shows the number of Bitcoins held by the U.S. and Canadian closed-ended funds and Canadian and European exchange-traded funds (ETFs) fell to 782,558 (worth $28.72 billion) on Friday, the lowest since February 25.