Why is cryptocurrency down in price today? Cryptocurrency Market Price Crash in 2022 – Bitcoin, Ethereum, Cardano, XRP Price

China made all crypto transactions illegal after ordering the closure of Bitcoin mining in Sichuan province, resulting in the cryptocurrency market price going down to market value.

The cryptocurrency market is down 7.66% in the last 24 hours (12:45 p.m., Monday, January 24, 2022).

After a year of hitting and hitting record highs, electronic money Currencies are going through a tumultuous time with unpredictable price changes.

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Bitcoin and other top cryptocurrencies experienced a significant share price drop after investors started dumping mining equipment as China announced new regulations.

  • Bitcoin (BTC) -6.33% (£24,750.00)
  • Ethereum (ETH) -12.20% (£1,619.17)
  • Tether (USDT) + 0.19% (£0.74)
  • Binance Coin (BNB) -10.10% (£254.60)
  • Cardano (ADA) -12.83% (£0.71)
  • XRP (XRP) -7.61% (£0.42)
  • Solana (SOL) -18.43% (£60.50)
  • Terra (LUNA) -9.64% (£45.46)
  • Dogecoin (DOGE) -7.92% (£0.0942)
  • Polkadot (DOT) -12.08% (£12.01)
  • Avalanche (AVAX) -12.67% (£41.39)
  • SHIBA INU (SHIB) -14.55% (£0.0001410)
  • Polygon (MATIC) -18.58% (£0.98)

It follows recent incidents due to Tesla turning away from accepting Bitcoin as payment for its products and China stifling initial coin offerings, block exchanges, and warnings against trading. speculative translation.

Another blow was dealt when China ordered the complete shutdown of Bitcoin mining operations in its Sichuan province and further ordered banks to stop supporting cryptocurrency transactions, in a wave of restrictions. Latest regulation for cryptocurrencies.

The country’s central bank, the People’s Bank of China, has effectively banned digital currencies after declaring all cryptocurrency transactions illegal.

This decision has had an impact on the global cryptocurrency market.

Bitcoin is not the only cryptocurrency feeling the impact of Tesla’s decision. (Image: Shutterstock)

Why is the cryptocurrency market falling?

China’s crypto crackdown comes days after Musk’s shocking statement.

Musk’s decision represents a major turning point for Tesla, who are just starting to accept Bitcoin as payment for its services in February 2021.

It comes after the electric car company bought $1.5 billion (£1.06 billion) in Bitcoin shares, which sent the market prices of both the cryptocurrency and Tesla skyrocketing.

“We are concerned about the rapidly increasing use of fossil fuels to mine and trade Bitcoin, especially coal, which has the worst emissions of any,” said the billionaire businessman. What kind of fuel?

Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at a hefty price tag for the environment,” in his Twitter post.

Musk has been a longtime crypto advocate, and Tesla’s decision has been market-wide, when other digital tokens will drop in price.

What is the price of Bitcoin and Ethereum?

Bitcoin price is £24,750.00 after the most recent halving (January 24), according to Coinbase.

The value of Ethereum is currently £1,619.17.

Cryptocurrencies are seen as an alternative to traditional, cheaper banking methods for transferring money since it is not regulated by the government or its banks.

Tesla’s decision, and announced by Musk, is seen by some as a bit of a reliability of cryptocurrencies to be a viable payment method against physical currency.

Which cryptocurrency price fell?

Bitcoin is not the only cryptocurrency to feel the initial effects, with most of the top 10 experiencing a drop in value.

Dogecoin, which was originally made up as a joke in 2012 before seeing its shares skyrocket, also fell while Solana saw the market price rise by more than 8%.

Musk’s influence cannot be underestimated, although names like PayPal, Mastercard and Facebook already supporting cryptocurrencies, Tesla’s announcement still rocked the market.

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Emma Bowman

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