Bitcoin Climbs Above $31k Following Yesterday’s Losses
The cryptocurrency market has slightly recovered today following the massive losses recorded yesterday after China’s latest crackdown on cryptocurrencies.
Bitcoin Back Above $31k
The cryptocurrency market sustained massive losses yesterday following the latest crackdown measures from China. The People’s Bank of China had told banks and other payment companies in China to cut off payment channels for cryptocurrency traders and investors.
This led to some banks, such as the Agriculture Bank of China (AgBank), to tell its clients to desist from dealing with cryptocurrencies or face seeing their accounts shut down and all business relationships cut off.
The ban sent shock waves through the market, with Bitcoin’s price unable to sustain its $35k price and slipped towards the $30k mark yesterday. However, the broader cryptocurrency market has slightly recovered, with Bitcoin approaching the $32k region at the time of this report. The leading cryptocurrency has substantially reduced its losses after rising by more than 4% over the past 24 hours.
Total Crypto Market Cap Now At $1.2 Trillion
The cryptocurrency market embarked on one of its biggest rallies at the start of the year. This saw Bitcoin and several other cryptocurrencies reach all-time highs. With the massive increase in the prices of the crypto assets, the total cryptocurrency market cap climbed to a historic $2 trillion.
Bitcoin accounted for half of the total market cap, with its market value standing at $1 trillion at the time. However, most cryptocurrencies have lost 50% or more of their value since then. Bitcoin’s market cap now stands at $588 billion.
Ether, the second-largest digital currency by market cap, has also experienced massive losses. ETH is trading below the $2,000 level for the first time in weeks. All the cryptocurrencies in the top ten are trading in the red zone, with Dogecoin suffering the biggest loss over the past 24 hours. The leading meme coin’s price is down by 19% in the past 24 hours. It is currently trading at $0.19, down by over 70% from its all-time high price of $0.70.
This article was originally posted on FX Empire
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