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Bitcoin experienced its biggest drop in the last two weeks on Tuesday, as China tightened its grip on cryptocurrencies. On the coinmarketcap.com Index, the world's largest virtual currency fell 7.73 percent in the last 24 hours to $32,630.43 as of 0725 hours IST on June 22. Bitcoin's market capitalization has dropped to $610.6 billion as a result of the latest dip. The popular cryptocurrency has lost roughly 20% in the last seven days. Bitcoin is still down roughly 50% from its all-time high of $64,778.04 reached on April 14, 2021.
According to the coinmarketcap.com Index, Ether has dropped 12.10 percent in the last 24 hours to $1,945.88. In the previous seven days, the token linked to the Ethereum blockchain network has lost approximately 25% of its value. On June 22, the market capitalization of the world's second most popular cryptocurrency was $226.7 billion.
The worldwide crypto market capitalization is now $1.31 trillion, down 11.75 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 69.17 percent to $136.16 billion. The overall volume of all stable coins is now $111.93 billion, accounting for 82.20 percent of the total 24-hour volume of the crypto market.
China has urged the payment platform Alipay and local banks not to provide services related to virtual currency trading as part of its latest countrywide assault on the cryptoworld. Payment methods for bitcoin exchanges and over-the-counter platforms were also ordered to be cut off by the banks. Last week, local authorities in China's Sichuan Province's southwest province put a halt to Bitcoin mining due to concerns about energy use.
“Volatility in the cryptocurrency markets has skyrocketed in the last 24 hours. The volatility of the minor currencies was significantly higher. There have been a number of factors that have contributed to such extreme volatility. On the macroeconomic front, China's crackdown on cryptocurrency miners was a major factor in the large price swings. Many Chinese enterprises have indicated to media outlets that they will be relocating to Texas and Tennessee in the United States. Such events normally cause a short-term stir, generating a ripple effect that spreads to other cryptos," stated Edul Patel, CEO and co-founder of Mudrex- A Global Crypto Trading Platform.
“For BTC, the inflection point was $34,500. Several sell orders were triggered as soon as it broke. It's why we've seen a sudden increase in trading volumes. Stop losses are triggered by these sell orders, driving prices farther lower," he continued.
Take a look at the leading cryptocurrencies and their prices as of June 22 (info obtained from coinmarketcap.com at the time of publication):
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