The Market Dips After China Reiterates Its Ban On Crypto

Elsewhere, Polkadot is down by roughly 14%, and Binance Coin (BNB-X) lost almost 16% in value. And Dogecoin (DOGE-X) is also down by approximately 14%. Two of this month’s best performers, Avalanche and Solana (SOL-X), could not escape the bloodbath. As a result, they are both down by nearly 8% and 16%, respectively.

The DeFi sector lost roughly $6 billion in total value protocols (TVL), now at nearly $83.21 billion. This week, the hurricane that ravaged the crypto market spurs from an announcement from the People’s Bank of China (PBoC). In a recent release, they reiterated that China will maintain a ban on all digital assets. Also, the authorities will seek and close any crypto exchange still in operation.

What’s in the News?

  • Twitter (TWTR) launches a Bitcoin tipping service for iOS.
  • Senator Pat Toomey seeks clarity from SEC Chair Gensler on crypto regulation.
  • Cardano’s IOHK to usher in a new Plutus DappStore Network.

Next Week’s Market Forecast

While we all knew how much China hates cryptocurrencies, this news made Bitcoin lose $3,000 in an hour. Like always before, the altcoins followed suit and bled heavily as well. Now, we can all hope that the investors’ trust will return in a spectacular bulls’ run and be free from fear and uncertainty.

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