China FUDS again – Sends Bitcoin (BTC) and Altcoins down the cliff

There has been no love lost between China and Crypto-related transactions; the latest face-off saw the country announce plans to clamp down on private cryptocurrency miners and their activities.

That singular FUD move negatively impacted the market and sent the price of every coin down the dungeon.

“We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.” a statement from China’s State Council read.

Bitcoin which was still trying to find its ground after the midweek horror show slipped as a result.

Bitcoin, which was selling as high as $41,000 at the start of the day, lost over $4,000 and is currently trading at $35,459 as of 00:01 (GMT+3).

Ethereum lost $521 and is now currently selling at $2,244 (as at the time of writing) despite hitting $2,900 earlier in the day.

Others include:

Cardano (ADA (-21.56%)) trading at $1.45 at the time of writing.

Ripple (XRP (-20.49%)) trading at $0.92 at the time of writing.

Binance Coin (BNB (-25.91%)) trading at $0.92 at the time of writing.

Dogecoin (DOGE (-20.86%)) trading at $0.32 at the time of writing.

The market recovered pretty well from the first FUD attempt by China, let’s hope the story won’t be different this time

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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