Dogecoin Price Drops Almost 10% Following China’s Crypto Ban
September 24 2021 - 10:03AM
NEWSBTC
Dogecoin’s price has dropped almost 10% following China’s statement
that crypto transactions and services are illegal in the nation. As
China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost
10% According to a report from Bloomberg, China’s central bank has
put out a statement saying that all crypto transactions and
services are illegal in the country. The central bank, called The
People’s Bank Of China (PBOC), has announced that the ban includes
activities like derivatives trading and exchange services offered
by offshore organizations. Following the news, most of the cryptos
have noticed a sharp drop in their price as investors panic sell.
Dogecoin’s price has tanked almost 10%. Here is a chart showing the
trend in the price of the coin over the last day: DOGE's price
crashes down in response to China's crypto ban | Source: DOGEUSD on
TradingView As you can see in the above graph, Dogecoin’s price was
around $0.222 before the announcement, but it dived down sharply
all the way to a $0.196 bottom after. Related Reading
| Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And
Ethereum Since then, DOGE has recovered a bit as its price is now
around $0.202. Though, it’s not clear at the moment if that was it
for the crash or if the price will move further down. Bad Month For
DOGE As Coin Loses Over 36% In Value It has been a pretty bad month
for Dogecoin as the crypto has seen many moves down in the period
leading to a loss of over 36% in value. The below chart highlights
how DOGE’s price has changed during this period: Dogecoin keeps on
falling off before a significant recovery can be made | Source:
DOGEUSD on TradingView During this period, DOGE has also lost
significant trading volume as the coin has fallen down to the
number 10 cryptocurrency in terms of market cap. Related Reading
| Bitcoin.org Hacked By Scammers For A Few Minutes. Someone
Sent Them 0.4 BTC Here is a table showing the top 10 coins by
market capitalization: DOGE is now last in the top 10 crypto list |
Source: coinmarketcap As you can see in the table, Dogecoin’s
market cap has declined to just $26 billion. Although this figure
is $11 billion clear of the 11th largest cryptocurrency, DOGE’s
place in the top 10 list could still be in danger if the coin keeps
on declining like this. The recent state of the memecoin has made
some believe it could be losing steam as its daily transactions
count has also dropped to levels not seen since 2017. This shows a
lack of trading activity on the blockchain that hasn’t been seen
since 4 years. Some others believe that the meme status of Dogecoin
means it will once again explode in popularity and make a come back
eventually. Featured image from Unsplash.com, charts from
TradingView.com
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