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President Xi Jinping Giveth And Taketh Away As Cryptocurrency Market Experience Downturn
Summary: The cryptocurrency market has seen a tremendous downturn in the last day, as cryptocurrencies have experienced losses totaling more than $10 billion in less than 24 hours, possibly due to comments from Chinese President Xi Jinping. The entire market capitalization of all cryptocurrencies has dropped off by around 5%, making for the second-largest drop in ...
The cryptocurrency market has seen a tremendous downturn in the last day, as cryptocurrencies have experienced losses totaling more than $10 billion in less than 24 hours, possibly due to comments from Chinese President Xi Jinping.
The entire market capitalization of all cryptocurrencies has dropped off by around 5%, making for the second-largest drop in less than a month. All cryptocurrencies in the top 30 of market capitalization are currently sitting in the red, according to Bitpush Data.
Bitcoin (BTC), Ethereum (ETH) and XRP have all seen big losses between 3.5-5% each. These aren’t even the worst loses, as coins like Litecoin (LTC) and EOS have lost 5.6% and 7.7%, while Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen some of the biggest losses at 9.3% and 10.9%.
The downturn has seemingly coincided with statements recently made by Xi Jinping. Jinping clarified earlier statements that he made on blockchain, stating that while he does believe in the future potential of blockchain technology, he doesn’t believe in public cryptocurrencies. Jinping called cryptocurrencies unregistered securities that facilitate fraud and Ponzi operations.
By Ramsey Baker
Tags: Cryptocurrency,downturn,Loss,Market,Xi jinping
Link: President Xi Jinping Giveth And Taketh Away As Cryptocurrency Market Experience Downturn [Copy]
