China vows to root out cryptocurrency activity

The crypto market had another wild trading as investors and speculators were rattled by a sudden plunge in cryptocurrencies after China’s announcement. 

China’s central bank announced that all transactions of crypto-currencies are illegal, effectively banning all types of digital currency trading.

“Transactions that involve virtual currencies are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the financial security of assets”.

Multiple government agencies, including the central bank, regulators responsible for banking, securities and forex, have created a task force to jointly to root out “illegal” cryptocurrency trading activities.

Smaller coins, which typically rise and fall in tandem with bitcoin, are maintaining their correlation to the major currencies. Market direction is mostly influenced by the large-cap coins, although they are not the main movers themselves.

Bitcoin, the largest cryptocurrency by market capitalization, is changing hands at US $41,380 (down 5%). Ether is down 7.8% to US $2,830.

At press time, Top 10 variable-price crypto coins by market cap:

Crypto USD 24H Cap
Bitcoin (BTC) $41,380 -5% $779B
Ethereum (ETH) $2,830 -7.8% $333B
Ripple (XRP) $0.9 -6.9% $91.2B
Cardano (ADA) $2.19 -0.6% $71B
Binance Coin (BNB) $342 -8% $57.5B
Solana (SOL) $142 -3% $42.2B
Polkadot (DOT) $29.3 -5.6% $32.6B
Dogecoin (DOGE) $0.2 -7.4% $26.7B
ChainLinkToken (LINK) $22.1 -6.6% $22.1B
FTX Token (FTT) $51.3 -7.1% $16.6B

During this period, some currencies have been much more volatile with their up and down movements.

There are cryptos that have outperformed the market over the 24-hour period:

Crypto USD 24H Cap
CryptoSoul (SOUL) $0.7 33.6% $0.07B
COTI (COTI) $0.5 23% $1.1B
Ren (REN) $1 19.3% $1B
Civic (CVC) $0.45 8.9% $0.45B
Ontology gas (ONG) $0.7 6.9% $0.19B
Waves (WAVES) $25.4 5.6% $2.7B
Hydro (HYDRO) $0.02 4.1% $0.0015B
Tezos (XTZ) $6.07 3.9% $5.4B
Sentinel (SENT) $0.03 2.1% $0.06B
Ycash (YEC) $0.34 1.9% $0.0039B

The list of 10 worst performing cryptos that you wouldn’t want to hold given their performance over the day:

Crypto USD 24H Cap
SwarmCity (SWT) $0.022 -22.6% $0.00019B
Populous (PPT) $0.9 -21.1% $0.048B
Melon (MLN) $130 -12.1% $0.24B
Aelf (ELF) $0.7 -11.4% $0.6B
V-ID (VIDT) $0.7 -10.2% $0.037B
Contentos (COS) $0.017 -9.9% $0.06B
Gifto (GTO) $0.032 -9.9% $0.025B
Maker (MKR) $2,240 -9.8% $2.2B
Origin Protocol (OGN) $0.7 -9.7% $0.7B
Uniswap (UNI) $19 -9.7% $10.5B

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.  Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice. 

/Public Release. This material comes from the originating organization/author(s)and may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s). View in full here.

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