The crypto market is in disarray on Friday hot off the heels of news concerning a crypto ban in China.
Chinese regulators, including its central bank and securities and foreign exchange regulators, have stepped up to ban the use of cryptocurrency in the country. That means that exchanges both inside and outside the country can no longer do business with its citizens.
So why is this dropping cryptos today? China offers the second-largest economy in the world. It was also seeing major interest from crypto mining companies. With this new ban in place, it comes as no surprise that crypto would be taking a beating.
Investors that want to know more about the China crypto ban can follow this link!
Let’s dive into how exactly some of the biggest cryptos are reacting to today’s news below.
China Crypto News Effects
- Bitcoin (CCC:BTC-USD) is falling more than 6% over a 24-hour period on Friday morning.
- Ethereum (CCC:ETH-USD) is taking a nearly 9% beating out a 24-hour period following the China crypto news.
- Litecoin (CCC:LTC-USD) is slipping roughly 8% over a 24-hour period as of this morning.
- Dogecoin (CCC:DOGE-USD) is losing about 8% of its bark over a 24-hour period as of this writing.
- Cardano (CCC:ADA-USD) is taking the least damage with it falling just over 2% in the last 24-hours.
Of course, the crypto news out of China is damaging more than just the digital currencies. It’s also taking its toll on several crypto stocks as well. You can learn all about that at this link!
We’ve got more crypto news traders will want to know about today below!
InvestorPlace covers the crypto space daily with the latest content for traders. That includes what’s happening with ETH, BTC, and LTC lately. You can find all of that info at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.