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Top Cryptocurrencies Down Following Chinese Social Media’s Crackdown

The prices of the top cryptocurrencies including Bitcoin, Dogecoin and Ethereum tanked today. There were more sellers than buyers as the price of the leading tokens, the bitcoin, dropped by over 8%. Bitcoin at a point was trading below $34,000.

Following the downward trend set in the market, the other major tokens including Ethereum and Dogecoin took a sharp dip. Ehtereum was down by about 7% to $2,595 while Dogecoin tanked by a double-figure percentage point, down 10% to $0.33. The other top tokens by market cap also fell. A 24 hours price change history shows Litecoin dropping by 105 in the past 24 hours.

After a crash two weeks ago the bear market continues. Reports estimate $94 million were wiped out from the market last week. While the market is trying to correct itself, the anti-crypto policies and moves by global governance and financial institutions are making a negative impact.

Earlier this week, China once again cracked down on cryptocurrencies by making its social media company Weibo ban all top cryptocurrency-related handles. Earlier the top banking authorities in the country had banned crypto payments and had asked financial institutions offering such services to stop immediately.

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