The price of Bitcoin and other cryptocurrencies dropped substantially on Tuesday. One of weighty reasons was China’s intention to ban access to local and global crypto-trading platforms.
On Tuesday morning, bitcoin’s weight average rate was at 12 848, the total cryptocurrency market capitalization amounting to $616.7 billion.
Bitcoin’s value dropped to $12,000 at several exchanges at once. Other cryptocurrencies were no exception, except NEO and Monero. Such altcoins as Ripple, Cardano, Bitcoin Cash, Stellar, EOS, Dash, Tron, Bitcoin Gold, and Ethereum Classic dropped over 10%, at the same time, all the currencies from Coinmarketcap’s top twenty fell in price as well.
It’s worth mentioning, China is not the only country to be willing to regulate the cryptocurrency market. Thus, Joachim Wuermeling, a member of the board of Germany’s Bundesbank said, cryptocurrencies should be regulated worldwide, while South Korea’s authorities first attempted to ban crypto-trading fully and then decided to impose certain restrictions on this sector.