Altcoins Follow Bitcoin to the Abyss, XRP Lost 25%

After the massive crash of Bitcoin and Ethereum, the market bloodbath has extended to the altcoin markets. Top altcoins like Binance Coin, Cardano, XRP and others have lessened to double-digits.

Altcoins, which still maintained gains after Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term started its downward rush recently, all dived in the last few hours to several month lows. XRP, for instance, which spiked above $1.8 recently went below the $1 mark, but recovered a bit after that still with a 24-hour loss of around 25 percent, as of press time.

Additionally, Meme coins like Dogecoin and Shiba INU are facing market wrath as both coins went down by more than 21 percent and 32 percent, respectively in a day-chart.

Why China?

Though factors like Elon Musk’s U-turn from Bitcoin rocked the market initially, the recent altcoin sell-off was mostly triggered by the latest reiteration of the Chinese ban on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

“Virtual currency’s prices have soared and plummeted recently, resulting [in] a rebound of speculative trading activities of virtual currency,” a joint note issued by the China Internet Finance Association, China Banking Association and China Payment and Clearing Association stated. “It has seriously damaged the safety of the people’s investment and damaged the normal economic and financial orders.”

The three associations confirmed the government ban implemented in 2013 and 2017 that prevent any financial and payment institutions from offering services linked with crypto transactions.

However, the cryptocurrency market is not alien to crashes. Though individual coins like XRP went as low as $0.18 after the US financial market regulator moved to court against it, the collective market has followed a downward trend several times in the past few years.

“Critics who celebrate what they perceive as a meltdown in crypto exhibit the very worst characteristics, coupled with schadenfreude, towards a technology that is elegant in its brilliance. Those who don’t and refuse to get it will be proved wrong,” said Paolo Ardoino, CTO at Bitfinex.