Bitcoin (BTC) and the rest of the cryptocurrencies, at least most of the top ten coins by market capitalization, suffered substantial losses across the board on Tuesday. BTC plummeted over 9% to reach a low of around $31,013.86 and is now settling its price at $33,490 as of press time. Additionally, Ethereum (ETH) followed the bearish path by plunging towards the $2,306 level. However, now it is losing -2.95% and exchanges hands at $2,516.
Altcoins such as Binance Coin (BNB) and Cardano (ADA) showed a decline over the day, now hovering at $351.55 and $1.57, respectively, according to Coinmarketcap data. Overall, the fall of Bitcoin prices to their lowest point in ten days can be attributed to a strain of news from the US and China fronts. Weibo accounts for opinion leaders in the crypto sphere that had been blocked, as the Chinese crackdown on virtual currency trading and mining keeps strengthening.
However, accounts not involved in the advertising of exchanges have not been blocked as of press time, but such a manoeuvre triggered part of the sell-off that Bitcoin saw in the last 24 hours.
“This time is much more widely cleansing it seems like, many industry players like wallets, individual influencers, media outlets, top traders and even meme accts are all shut,” Dovey Wan, Founding Partner of crypto-asset holding company, Primitive Ventures, commented.
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Eyes on the Federal Reserve
Furthermore, investors globally have been paying closer attention to the latest moves from the US Federal Reserve, which could start to deploy its quantitative easing program, aiming to boost liquidity.
But, another headline could have fueled the strength of the bears across the markets, which came from the former US President, Donald Trump. “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar,” Trump said during an interview with Fox Business.
Moving onto other altcoins, specifically to the meme coin, Dogecoin, it has been hovering around $0.3328, down -1.95% as of press time. Finance Magnates reported that digital bank Revolut expanded its offerings with cryptocurrencies by adding Dogecoin on its platform.