Bitcoin prices slid to $42,732.98 on Saturday, down 3.95 per cent in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion, according to coinsmarketcap.com. The cryptocurrencies tanked on Saturday riding on the back of the latest crackdown from China. The country’s central bank said that digital currencies “cannot“ be used in the market as money and banned companies from offering services such as cryptocurrency exchanges. The Bloomberg noted in its report that the Peoples Bank of China said, “All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities.” In the last week, the cryptocurrencies tanked because of the fear emanating from Evergrande crisis in China, where housing behemoth Evergrande was likely to default on its payments. The uncertainty emanating from the Evergrande crisis, and uncertainty emanating ahead of the US Fed meeting where a potential decision on the tapering of asset-purchase was expected led to a sharp fall in cryptocurrency market in India last week.
The rival currency Ethereum was trading at $2,918.16 on Saturday, down 5.85 per cent, the market cap of Ether on Saturday stood at $343.18 billion. In contrast, Cardano surged by 2.46 per cent to $2.36, the currency saw a fall of 0.83 per cent in the last one week. In the past, on April 13, the price of bitcoin climbed as high as $63,729.5. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,317. The cryptocurrency surged to an all-time high because of the positive news development in regards to cryptocurrency across the world. But recent development in china regarding cryptocurrency is leading to a fall in the cryptocurrency market. The China’s State Council vowed in May to crack down on bitcoin mining and trading in efforts to ward off financial risk, sparking a major sell-off of cryptocurrencies. China is one of the world’s largest cryptocurrency markets and fluctuations there often impact the global price of cryptocurrencies.
“Since the crypto market’s sudden loss of US$250 billion in value earlier in the week. This week saw major cryptos such as BTC, ETH, and Cardano among others dipping into the reds as the House Democrats push for the crypto tax plans and senators demand greater regulatory guidelines from the SEC. Despite cryptocurrency being decentralised from traditional markets, the sector still felt the ripple effect of the Evergrande crisis. While bitcoin has been likened to gold and positioned as an asset class, its dip at the start of the week was a divergence from gold’s hike in price, with investors seeking refuge from the traditional safe-haven asset. Could this be a sign of the crypto industry’s maturity?” the CoinDCX Research Team said.
Binance coin $357.98, down 4.71 per cent in the last 24 hours. However, Binance coin witnessed a fall of 13.19 per cent in the last one week and its market cap stoop at $59.76 billion. All major cryptocurrencies like Dogecoin, Polkadot, Solana were all trading in the red.
Here are the top 10 cryptocurrencies and their prices on September 25, 2021
Bitcoin $42,732.38 or (-3.95 per cent) change in 24 hours
Ethereum $2,918.16 or (-5.5 per cent) change in 24 hours
Cardano $2.36 or (+2.46 per cent) change in 24 hours
Tether $1.00 or (+0.01 per cent) change in 24 hours
Binance Coin $358.16 or (-4.37 per cent) change in 24 hours
XRP $0.9487 or (-3.82 per cent) change in 24 hours
Solana $138.65 or (-4.42 per cent) change in 24 hours
Polkadot $31.55 or (+2.25per cent) change in 24 hours
USD Coin $1.00 or (+0.00 per cent) change in last 24 hours
Dogecoin $0.2111 or (-5.35 per cent) change in 24 hours