The crypto market sell-off has entered the third week with Bitcoin falling below $32,000 price today. The top cryptocurrency was trading at $31,652 with a 24-hour price decline of 2.35%. The current price correction is attributed to the growing scrutiny of the Chinese government towards Bitcoin mining and trading.
The top cryptocurrency has fallen more than 50% from its April all-time-high above $64,000 as on-chain metrics indicate further sell-off. The market sentiment has turned bearish over the past few weeks, especially after the last month’s 50% crash.
Yesterday, the Chinese Central bank instructed four banks along with Alipay to avoid any involvement in Bitcoin and crypto transactions. Along with growing crypto trading restrictions, the Bitcoin mining operations in the country are also nearing their end. Top mining farms in Sichuan have closed their operations and airlifting their mining rigs to foreign countries such as Khazkistan and the USA.
#China logistics firm in Guangzhou confirms to @CNBC it’s airlifting 3,000kg (6,600lbs) #bitcoin mining machines to Maryland, USA. Fenghua International advertises products delivered to door, tax on both ends cleared. Price per kilo: as low as $9.37! #cryptocurrencies pic.twitter.com/8yUjZjhpkk
— Eunice Yoon (@onlyyoontv) June 21, 2021
Altcoins Nosedive Amid Market Sell-Off
Altcoins have suffered even more dearly than Bitcoin as the majority of them lost upwards of 10% except for Ethereum. Ether price fell below $2,000 recording a new three-week low of $1,861, falling by 2% over the past 24-hours.
Dogecoin was the biggest loser among the top-10 cryptocurrencies as its value fell to $0.180, losing more than 75% from its May ATHof $0.736. The meme currency has become the biggest success story to emerge out of the crypto ecosystem after registering a 3,000% rise this year at its peak.
Along with Dogecoin, Binance Coin (BNB), Ripple (XRP), Cardano (ADA), and Polkadot all saw its price take a nosedive along with the depreciating price of Bitcoin. The crypto market has seen over $600 million in the liquidation of leveraged positions over the past 24-hours and lost over 8% of its market cap reaching $1.26 trillion. The rising Bitcoin dominance is another reason for altcoin’s blood bath as it reached 46.87%