Why is crypto down today? Cryptocurrency market price drop - Bitcoin, Ethereum,

[OZER]

Cryptocurrency market is down 3.42% on the last 24 hours (9.50am, Friday 17 December).

After a year of gains and record highs, crypto currencies are enduring a turbulent time with unpredictable price changes.

Bitcoin and other leading crypto coins experienced a significant drop in share price after investors began dumping mining equipment as China announced fresh regulations.

Bitcoin (BTC) -3.65% (£35,440.35)
Ethereum (ETH) -4.43% (£2,914.50)
Binance Coin (BNB) -1.18% (£398.37)
Tether (USDT) -0.20% (£0.75)
Solana (SOL) -2.53% (£133.56)
Cardano (ADA) -4.61% (£0.94)
XRP (XRP) -1.81% (£0.61)
Avalanche (AVAX) -0.54% (£78.27)
Polkadot (DOT) -5.72% (£19.10)
Terra (LUNA) +1.59% (£48.32)
Dogecoin (DOGE) -4.34% (£0.13)
SHIBA INU (SHIB) -4.33% (£0.00002430)

It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.

A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.

Now the country's central bank, People's Bank of China, has effectively banned digital coins after announcing all transactions of cryptocurrencies are illegal.

The decision has already had an impact on the global crypto market.

Why is the crypto market down?
China's crackdown on cryptos comes days after Musk's shock announcement.

Musk's decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.

It came after the electric car company bought $1.5b (£1.06b) of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.

Yet the impact on the environment of Bitcoin mining - a complicated process of minting new digital tokens - has seen Tesla withdraw this option for customers.

The billionaire entrepreneur said: "We are concerned about rapidly increasing use of fossil fuel for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."

Musk reaffirmed his belief that cryptocurrency has a "promising future" but that it "cannot come at great cost to the environment", in his Twitter post.

Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.

[ontine]

Crypto keeps fluctuating, causing a lot of loss, What's the best way to make money from crypto trading?

[laborious]

Lets not blame government printing money .

[captainvenom11]

Nice  Expert  Katherine has really Taught me the better way or trading

[elfnexx]

Neo-liberal policies are the main reasons for this inflation. COVID-19 exposed the obvious. Endless wars, NAFTA with moving manufacturing outside the US, income inequality, corporatism, and so on.

[terfel]

The Fed should buy crypto so we can build infrastructure with profits instead of debt and taxes!

[titanickid47]

Does anyone know of any very rich economists?  True experts would be among the 1% and not on government pay.

[instigation]

Brandon is in high demand.  Let's go Brandon!

[frivolity]

Investing has never been so mainstream, the money has to go somewhere right?

[zazer101]

As a landlord with multiple fixed rates mortgages, I really, really like inflation.

[Xenos]

CRYPTO IS FOR THE PEOPLE, and CREATED BY THE PEOPLE.  Change My Mind.  ️

[Pilot]

Inflation in the US is overstated profits are way up for corporations, big corps are using inflation as a cover for increasing profits.

[The_URRU_]

35% of all US dollars in existence were printed last year. So of course, interest is the result.  How could it be transitory? Unless people start burning their own money, we can't go back to a world where there was less US dollars in circulation, making each dollar worth less.  Plus, did you know for every dollar we print, we buy with interest from the Federal Bank, which is just as Federal as Federal Express?  Why do we continue to allow this to occur? We need to remove this leech from the USA and get back to being in control of issuing our own money

[mischam1216]

Sounds like both sides are discontent with the SEC

[briancoyle]

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