The last 24 hours have been a devastating time for the whole cryptocurrency market. More than 10 billion USD decline has been seen in the last 24 hours. The gross market cap of all the cryptocurrencies has declined approximately 5 percent. This is, in less than a month’s span, the second-largest downfall the crypto market has seen.
The top 30 cryptocurrencies, according to market capitalization, are in the red zone for now. Bitcoin (BTC), Ethereum (ETH) and XRP, the top 3 cryptos currently, have their values dropped down between 4-5 percent. Looking further down the list, greater devaluation can be seen, with EOS and LiteCoin (LTC) losing 7.80 % and 4.5 % respectively. Bitcoin SV and Bitcoin Cash are suffering the greatest fall among the top 30’s, having a 10.1 % and 8.2 % loss respectively.
It seems like the crypto market is currently on some really bad steroids. This decline has been occurring for the past three weeks for the major cryptocurrencies. Bitcoin has been in an overall loss since October 28 where its price started to fall from 9550 USD and within three weeks it has almost hit the 8000 USD mark.
According to the observers, the recent play of events has a direct correlation with the Chinese President Xi Jinping. Last month, he admired the blockchain technology and indicated that it is high time for China to use this technology to boost development. He expressed blockchain as a breakthrough technology and one which should be kept developing in the coming time. He also talked about China having positive views on this technology. But recently, Xi Jinping cleared that his previous comments about blockchain were totally misinterpreted. He then went on and claimed that cryptocurrencies are basically unregistered securities and that they are involved in Ponzi schemes and financial frauds. The president still reiterated that it is the cryptocurrencies in which he does not put his trust, not the blockchain technology. He still knows the importance of blockchain technology and surely knows its revolutionary potential.
The cryptocurrencies, among the current conditions, are facing a serious kickback for now.