Bitcoin, Ether, Other Cryptocurrencies Fall as China’s Crypto Ban Shakes Market

Industry experts are hopeful that cryptocurrencies will recover in the coming days after China’s blanket ban on the trading of these digital assets.

By Radhika Parashar | Updated: 29 September 2021 11:25 IST

Bitcoin, Ether, Other Cryptocurrencies Fall as China’s Crypto Ban Shakes Market

Popular cryptocurrencies lose prices amid market instability triggered by China's crypto ban

Highlights

Bitcoin and Ether witness dips
Dogecoin, Cardano prices also fall marginally
China’s crypto-crackdown shuffled the global crypto market

Cryptocurrency market is witnessing major upheaval following China's blanket ban on cryptocurrencies, which was announced last week. Bitcoin opened at Rs. 33,52,013 (roughly $45,185) on Wednesday, September 29. The world's most-valued cryptocurrency witnessed a marginal dip of 0.78 percent making it the second day in a row to have dropped in exchange value. A day ago, Bitcoin had slumped by 2.96 percent. Analysts from exchange platform CoinDCX believe that the Chinese government's crypto restrictions have resulted in a sell-off with only a little long-term impact on Bitcoin price, which has often been seen to recover following an initial dip.

The day began on a rough note for the world's second most-valued cryptocurrency Ether as well. The Ethereum blockchain-based cryptocurrency fell in price by 1.39 percent. Presently, Ether is trading at Rs. 2,31,183 (roughly $3,116). On September 29, Ether had registered a significant drop of 5.93 percent, as per the Gadgets 360 crypto-price tracker.

Similarly, other popular cryptocurrencies like Dogecoin, Cardano, and Litecoin have also witnessed marginal slips in exchange values.

Cryptocurrencies Worth Over $400 Million Liquidated Following China Ban

"The past 24 hours witnessed the bears dominating the cryptocurrency market. The two largest cryptocurrencies, Bitcoin and Ether, were massively sold off. The fear and greed index points to a score of 25 indicating the presence of fear across the crypto market," Edul Patel, CEO and co-founder of crypto-investment platform of Mudrex,told Gadgets 360.

Given the market instability, only a handful of popular cryptocurrencies registered a rise in their exchange values today.

Uniswap and Bitcoin SV are among the few cryptocurrencies that did witness a price hike, but only marginally.

Tajikistan Developing Its Own Blockchain-Based Digital Currency

Unlike China, several other nations are coming onboard the experiment wagon with these decentralised and unregulated digital assets.

For instance, the Miami city of US' Florida state legalised its first native crypto coin called Miami Coin based on Bitcoin technology. The mayor of Miami, Francis Suarez even offered a location near a nuclear power plant to set up Bitcoin mining centres to reduce the carbon footprint.

Dubai is also hosting a mega crypto expo in October, that will be attended by over 3,000 people. The expo will have crypto experts discuss about the now expanding digital financing space.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency News, Cryptocurrency Price, Cryptocurrency Market, Cryptocurrency Price in India, Cryptocurrency Exchange, Bitcoin Exchange, Bitcoin Prices, Bitcoin Price in India, Bitcoin, Bitcoin Market, Cryptocurrency List

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More