The crypto market has continued to record all-week losses as the top two cryptocurrencies, Bitcoin and Ethereum, shed 30% and 40% respectively in 24 hours. Bitcoin has traded as low as $30,681 with ETH dropping to $2,375.
However, both cryptocurrencies have rebounded and are now trading higher. At press time, BTC is trading at $39,755 with ETH at $2,854. Despite the decline, CoinMarketCap data shows that the 24-hour trading volumes for Bitcoin and Ethereum, climbed 89.40% and 71.38%, respectively, in the same period.
The loss spread across all top 10 crypto assets, including the Tether stablecoin which dropped to $0.84. The crypto market fall coincides with a report by Chinese regulators reiterating the crypto ban in the country.
In the report, regulators said crypto has “no real value support,” warning investors against speculative crypto trading. Notably, the China crypto ban is directed only at financial and payment institutions. Thus, investors and traders may opt for other means like peer-to-peer transactions.
Before the recent plunge, Bitcoin also fell after Tesla CEO Elon Musk made a criticizing comment on the coin. The CEO mentioned Bitcoin’s energy consumption, citing environmental concerns.