ETH Takes BTC Along On A Decline As China Intensifies The Crackdown

ETH Takes BTC Along On A Decline As China Intensifies The Crackdown

ETH takes BTC along on their downtrend as the Chinese crackdown on crypto intensifies with the government announcing more bearish statements and iterating its ban on the use of virtual currency from 2017 so let’s read more in our latest altcoin news today.

The total market cap of all cryptocurrencies across the market, with the combined prices of all tokens in circulation, dropped by about 5% today as the Chinese government again made it very clear that their negative stance towards crypto remains. The government announced:

“Recently, virtual currency trading hype activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering.”

BTC daily
BTC 24-hour price chart (Source: Coingecko)

Though this is not the first time that China invoked chaos on the market, the prices of most coins dropped which only exacerbated the recent global market fears that were caused by the potential collapse of the property giant Evergrande. ETH takes BTC along on its way down and BTC dropped by 4.2% closing the day at $49,392. other tokens like Cardano dropped by 1.1% to $2.22 and Binance coin dropped by 7.4% to $351. Ripple’s XRP also dropped by 6.5% to $0.93 and Solana followed with a 7.3% to $138. DOT dropped by 3.5% as well and DOGE by 6.6%.

In the meantime, the BTC fear and Greed Index that measures the community’s sentiments based on volatility, market momentum, and social media posts held the fear zone over the past days compared to the neutral sentiments last week.

eth daily
ETH 24-hour price chart (Source: Coingecko)

As recently reported, the Chinese company dubbed Evergrande was the main suspect of the recent market crash and the Chinese unstable markets because the real estate giant lost a debt of $305 billion. Some are worried that the Chinese property developer will not be able to pay back what it owes and it could lead to a massive collapse. The regulators warned that the financial system of the company could be in trouble if Evergrande does not find a solution and that the US markets will likely feel the economic turmoil as there are plenty of international asset managers and banks that hold Evergrande bonds.  Investors tend to flog riskier assets like equities when there’s a global economic uncertainty so Bitcoin was no exception as well. The biggest crypto by market cap is struggling for a few weeks now despite El Salvador making it a legal tender. The cryptocurrency has not touched above $50K since September 7.

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