This Friday (24), another Chinese crackdown on cryptocurrencies made Bitcoin and all other altcoins fall in price quickly.

About R$700 billion was paid off in 24 hours causing the cryptocurrency market capitalization to drop to R$10.3 trillion (US$1.94 tri), according to CoinGoLive.

BITcoin retreated to $42,200 according to CoinGoLive and other altcoins also fall sharply with the announcement of China's crackdown
Source: CoinGoLive.com.br

China makes Bitcoin shrink to $42,219

The start of the week was difficult for bitcoin bulls as the price of cryptocurrency plummeted on fears of China’s housing crisis.

Today again China is highlighted in the news. Falling almost 4% in 24 hours, Bitcoin suffers from another repression of the cryptocurrency market across the Asian country.

The People’s Bank of China announced on its website on Friday that all transactions related to the cryptocurrency are illegal. China’s BC has pledged to crack down on illegal cryptocurrency trading activities and banned foreign exchanges from providing services to mainland investors.

“All cryptocurrencies, including Bitcoin and Tether, are not fiat money and cannot be distributed in the market,” the People’s Bank of China said in an official statement.

Affected by the policy, tokens from several major exchanges, which are primarily Chinese users, have dropped dramatically. HT dropped 18%.

This last severe directive, which caused Bitcoin to drop 4.22% in one day. Even so, the cryptoactive is trading at US$42,000 – R$222,932 in the main Brazilian brokers – and its market capitalization has fallen below US$800 billion.

Bitcoin Tradingview shows candle retracting
BTC/BRL Chart, 1D, Binance – Source: tradingview.com

Altcoins suffer more than BTC

Most alternative currencies have had more dramatic downward trajectories than Bitcoin.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-8.22%), Cardano (-4.20%), Binance Coin (-7.93%), Ripple (-7.97%), Solana (-8.81%), Polkadot (-6.61%), Dogecoin (-9.16%), Avax (-8.83%), Earth (+2.54%), Cosmos (-6, 68%) and Chainlink (-7.27%).

The cumulative market capitalization of all cryptocurrencies has fallen to $1.94 trillion since yesterday.

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