Bitcoin, the world’s most popular cryptocurrency, nosedived nearly six per cent at around 9:20 am and is trading just above $35,000. Volatility in the cryptocurrency market remains high after prices recovered sharply following last week’s crash.
Bitcoin Tests $35,000 Amid High Volatility
Most virtual coin prices started dipping again from Sunday as crypto miners started suspending Chinese operations. It may fall below $35,000 as the day progresses. The week has started off on a bad note for Ethereum traders as well. The popular cryptocurrency is trading over 7.5 per cent lower than its price 24 hours ago. At around 9:20 am, Ethereum was trading just above $2,000.
Others like XRP (Ripple), Dogecoin, Chainlink and Litecoin were also trading sharply lower in comparison to their prices 24 hours ago. While volatility has peaked in the crypto market since last Wednesday, today’s broad-based weakness seems to be triggered as an after-effect of the China crackdown.
Cryptocurrency mining operators are suspending China operations in the country after Beijing’s crackdown on virtual coins including Bitcoin. This decision had taken a toll on cryptos last week and it seems the impact is still not over. The crackdown on cryptocurrency in China is a major loss to the asset as it is a big business in the country, accounting for as much as 70% of the world’s crypto supply.