VeChain crashes 5% following China crypto rebuke

Between late October and the first half of November, VeChain (VET) experienced a large pump, more than doubling its value over the span of around three weeks. However, now it appears that what goes up, must come down, as VeChain is now leading the market in terms of losses after falling over 5% in the last day.

VeChain has also seen its daily trade volume suffer in the last five days, falling from over $210 million in daily trade volume on November 15th, down to less than $130 million today. VeChain currently sits at just over $0.0065, which is approximately the same as its value this time last week. Nonetheless, VET is still up almost 90% in the last month and over 40% in the last three.

As a cryptocurrency with strong links to China, VeChain was one of a handful of cryptocurrencies to experience a strong rally following news that China would be looking to position itself as a global leader in terms of blockchain innovation. However, since then, a significant amount of negative press surrounding cryptocurrencies has come out of China, which appears to have negatively influenced the market in recent days—knocking most cryptocurrencies into a negative trend for the last week.