The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Blockchain

Bitcoin, Ethereum, Solana And Other Crypto Prices Further Plunge Following China’s Fresh Crypto Ban

by Miki 09/24/2021
by Miki 09/24/2021 0 comment

Today on Friday, September 24, prices of all cryptocurrencies have plummeted amid the announcement by China’s Central Bank that all crypto-related transactions are illegal and must be banned in the country.

Webp.net-resizeimage (22).jpg

Before China’s announcement, most cryptocurrencies were indicating good signs of recovery after the Monday crash, which wiped almost $200 million from the cryptocurrency market.

On Friday morning, most cryptocurrencies stabilized their value after the crash that happened on Monday. Bitcoin was trading at $44,985.54 per coin, up by 2% in the last 24 hours; Ether, the second-largest cryptocurrency and the coin linked to Ethereum blockchain, surged its value to $3,102, up 1.27%. Other altcoins were holding the cards up by about 1.80%.

However, on Friday afternoon, the People’s Bank of China (PBOC) released a statement, saying that all private virtual currencies like Bitcoin, Ethereum, and other altcoins do not enjoy the same legal status as legal tender, are not legally repayable, therefore should not be traded as circulating currencies in the market.  

As a result, the news from the People’s Bank of China has triggered a further crypto market crash, which has seen Bitcoin dropped 4% to about $42,560 in the space of two hours, Ether lost 7.5% to plunge at $2,881, Cardano down by 3% to hit $2.16, Ripple’s XRP declined 7% to 92 cents, and Dogecoin dropped 7% to stand at 20 cents. 

While experts stated that the crypto crash that happened on Monday, September 20, did not occur in a vacuum as stock markets also affected as well as China’s property market, some now point to the cause of the fresh plunge as “FUD” over Chinese bans – a common classic source of crypto price pressure.

For example, the popular crypto analyst Michaël van de Poppe said: “Markets are always reacting so heavily to FUD. Impressive.”

George Zarya, CEO at digital asset prime brokerage and exchange BEQUANT, said:

“This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital flow and big tech.”

Similar comments have also been said, stating that global demand for cryptocurrencies plunged since the start of this week following the possible collapse of China’s second-largest property developer, Evergrande, which frightens investors and has caused the fall of global equity markets.

Meanwhile, the executive director of crypto/digital assets hedge fund ARK36, Ulrik Lykke, said that China has been going through a rough economic patch recently due to the uncertainty surrounding the Evergrande debt restructuring.

However, experts expect the crypto market to witness some pullback in the coming days.

Lykke said that such a scenario wouldn’t be too surprising as Bitcoin and other cryptocurrencies are increasingly being recognized and actively used as a hedge against uncertainty and possible fiat currency debasement. He stated that the Chinese authorities are willing to use Bitcoin as a hedge despite the governmental ban, which would tell just how much long-term confidence investors already have in the asset.

“While each time China’s crackdown on crypto happens, the markets react with a price drop, each time the effect is smaller and more short-lived”.  

Lykke further stated that investors should be careful not to make emotional decisions based on this trending news story. On-chain fundamentals still indicate that bull market continuation in Q4 is likely.

Meanwhile, Katie Stockton, the founder and managing director of Fairlead Strategies, also recently said that Bitcoin’s uptrend remains intact over the long term. “The long-term uptrend still has a hold on bitcoin, with our monthly indicators pointing higher, putting short-term volatility into a bullish context,” Stockton said. 

Image source: Shutterstock

Source link

Views: 0
BanBitcoinChinasCryptoEthereumFreshPlungepricesSolana
Share
0
FacebookTwitterPinterestEmail
previous post
Ethereum Steers into Support, Time For A Return to ATHs?
next post
China Central Bank Issues Detailed Crypto Crackdown Guidelines, Crypto Market Turns Red

Related Posts

Iran Bans Crypto Mining to Avert Major Blackouts...

12/29/2021

Italian Sports Car Maker Ferrari Inks Multi-Year Deal...

12/29/2021

ProShares Files for New Metaverse ETF With U.S....

12/28/2021

Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute...

12/28/2021

Binance Trading Platform Licenses in Bahrain, Canada

12/28/2021

Tokenized Bitcoin in Circulation Nears a Half Million...

12/28/2021

Ethereum 2.0 Full Upgrade Will Prompt a 1%...

12/28/2021

Iranian Crypto Miners get Cut Off as Country...

12/28/2021

Kraken Develops NFT Trading Platform, Offering Token-Backed Loans

12/27/2021

Crypto Review 2021 | Blockchain News

12/27/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Yield farming | what’s it and learn how to carry out it?

  • Bitcoin ($BTC) Smash Past $66K to Record New ATH, $70K by EOD?

  • Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,327.00-2.58%
  • ethereumEthereum(ETH)$1,972.48-1.71%
  • tetherTether(USDT)$1.00-0.06%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$303.30-0.48%
  • rippleXRP(XRP)$0.413741-1.25%
  • Binance USDBinance USD(BUSD)$1.000.14%
  • cardanoCardano(ADA)$0.52-2.41%
  • SolanaSolana(SOL)$50.51-2.66%
  • dogecoinDogecoin(DOGE)$0.084899-1.65%
  • polkadotPolkadot(DOT)$9.78-2.30%
  • Lido Staked EtherLido Staked Ether(STETH)$1,940.21-1.57%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,307.00-2.70%
  • AvalancheAvalanche(AVAX)$29.38-1.10%
  • tronTRON(TRX)$0.071144-3.35%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-0.82%
  • daiDai(DAI)$1.00-0.13%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.17-2.56%
  • CronosCronos(CRO)$0.188806-2.97%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.990.56%
  • matic-networkPolygon(MATIC)$0.64-0.45%
  • FTX TokenFTX Token(FTT)$29.91-2.48%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.86-2.50%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$193.81-0.05%
  • RareRare(RARE)$0.0461220.00%
  • cosmosCosmos Hub(ATOM)$11.336.08%