The total market capitalization of all cryptocurrencies across the industry—essentially the combined price of all tokens in circulation—decreased by nearly 5% today after the Chinese government again made clear its negative stance toward digital assets.

“Recently, virtual currency trading hype activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering,” the Chinese government said.

China and Bitcoin mining. Image: Shutterstock

Chinese Government Reiterates That Crypto-Related Business Activities Are ‘Illegal’

The Chinese government has released more details about its cryptocurrency ban. "Recently, virtual currency trading hype activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering," the government said. To prevent these risks from further materializing, the government has today published a notice that clarifies its stance on crypto. The notice clarifies that virtual cu...

NewsBusiness
2 min read
Scott Chipolina

Though this is not the first time China has condemned crypto, the prices of the vast majority of coins dropped nonetheless, only exacerbating the recent global market fears caused by a potential collapse of China’s property giant Evergrande.

At the time of writing, the price of Bitcoin has fallen by about 4.2% on the day, with the cryptocurrency trading at around $42,392. 

Bitcoin
BTC
+12.39%$117,882.40
24H7D1M1YMAX
Created with Highcharts 10.3.3Jun 14Jun 16Jun 18Jun 20Jun 22Jun 24Jun 26Jun 28Jun 30Jul 2Jul 4Jul 6Jul 8Jul 10Jul 12$95000$100000$105000$110000$115000$120000
Price data by
BTC price

Other top tokens such as Ethereum (-7.7%, $2,899), Cardano (-1.1%, $2.22), Binance Coin (-7.4%, $351), Ripple’s XRP (-6.5%, $0.93), Solana (-7.3%, $138), Polkadot (-3.5%, $30), and Dogecoin (-6.6%, $0.2) are dipping as well.

Meanwhile, the “Bitcoin Fear and Greed Index,” a tool designed to measure the crypto community’s sentiments based on volatility, market momentum, social media posts, and other metrics, has held in the “fear” zone over the past days—compared to mostly “neutral” sentiments last week.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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