Yesterday the crypto markets went through another bloodbath initiated once again by China. Bitcoin dumped by $4,000 in minutes but has managed to complete a partial recovery as of now. Most altcoins suffered even more, and some have failed to bounce off decisively, including ETH, which still stands below $3,000.
The past few days were actually going well for the primary cryptocurrency. It had recovered from the sub-$40,000 price drop and added several thousand dollars of value.
This culminated in yesterday’s retest of $45,000, which became a multi-day high. At this point, though, when the bulls were preparing for another price surge, China’s central bank decided to remind the world of its hostile policy against the cryptocurrency industry.
The institution’s latest statement, which was reportedly published a few weeks prior, prohibited financial organizations, payment companies, and internet platforms from facilitating cryptocurrency trading.
As it typically happens when China goes after the digital asset space – prices tumble immediately. Bitcoin went down hard as it lost more than $4,000 in an hour.
After it bottomed at around $40,600, the bulls stepped up and initiated a leg up. In the following hours, BTC recovered nearly $3,000 and briefly exceeded $43,000. As of now, though, the asset has lost some ground and currently stands at approximately $42,500.
BTCUSD. Source: TradingView
The alternative coins suffered even more than their leader during yesterday’s bloodbath. Ethereum went from a daily high of $3,100 to a low of $2,750. Despite reclaiming some ground as well since then, though, the second-largest crypto is still well below the coveted $3,000 price mark.
On a 24-hour scale, most alts are still well in red. This includes Binance Coin (-6%), Ripple (-4%), Solana (-2.5%), Polkadot (-6%), Dogecoin (-5%), Avalanche (-4%), and Terra (-2.5%).
Cardano is among the very few exceptions with a minor 2% increase. As a result, ADA stands above $2.3.
Cryptocurrency Market Overview. Source: Quantify Crypto
From the lower-cap altcoins, Celer Network is the most impressive gainer, with a 27% surge to $0.16. In contrast, Huobi Token (-24%), Filecoin (-13%), Curve DAO Token (-11%), NEAR Protocol (-11%), Bitcoin SV (-10%), and Dash (-10%) have lost the most.
The cryptocurrency market cap dumped by nearly $200 billion in a day but has recovered around half of that and currently stands at $1.9 trillion.
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