Cryptocurrencies crash, not Elon Musk's fault: Bitcoin trading below $30,000, a six-month low
Cryptocurrencies crash, not Elon Musk's fault: Bitcoin trading below $30,000, a six-month low

A massive bloodbath among all cryptocurrencies. This was after reports stated that China had started a clampdown of trading and mining of cryptocurrencies in China. This led to major sell-off in the trading platform.

The fall of cryptocurrencies started over the weekend when reports stated that China's crackdown gathered pace. It started with cryptocurrency mining projects shut down. This was followed by the latest order of China's central bank, the People's Bank of China (PBOC) that asked several major banks and payments companies to stop supporting the trading of cryptocurrencies.

At 6.33 pm IST, Bitcoin (BTC) was trading at $29,931.92, a slight recovery after a major crash. It touched a 24-hour low of $29,350.33, according to Coindesk. With this fall, the market capitalisation of the currency touched $561.61 billion. The all-time high of BTC was $64,829.14. With this fall of today, it is trading at a six-month low.

At 6.39 pm IST, Ethereum was trading at $1,795.51. The 24-hour low of this cryptocurrency is $1,755.45, a three-month low.

Some cryptocurrencies that fell by over 20 per cent are Dogecoin, Aave, NEO, BitTorrent, Waves, NEM, Decentraland, Bitcoin Gold, Nano among others.

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