Why is Dogecoin losing value? Crypto has dropped 26% in the last day.
DOGECOIN has attracted a growing number of cryptocurrency investors in recent months, owing in part to social media and comments by billionaire Elon Musk. So, what’s the deal with Dogecoin’s -26.31 percent decrease in the previous 24 hours?
Dogecoin, a popular meme-based cryptocurrency, has fallen in recent days, as have several other cryptocurrencies. Despite the fact that cryptocurrency prices are notoriously volatile, they have been particularly shattered in recent days. According to CoinDesk, one of the most popular cryptocurrencies, bitcoin, has dropped -8.26% in the last 24 hours to $32,484.73 (£23,322.41).
Following China’s announcement of yet another restriction on cryptocurrency trading, the value of several major cryptocurrencies plummeted on Monday.
Over the weekend, power was cut to bitcoin mines in China’s Sichuan province, which is one of the country’s top producers of the cryptocurrency.
According to Reuters, bitcoin fell about 10% on Monday as a result of the action in China.
China’s central bank said on Monday that it has recently summoned a number of banks and payment organizations, pressing them to tighten their regulations on cryptocurrency trading.
The scenario has impacted the value of other cryptocurrencies such as Ethereum, as well as other coins such as Dogecoin, in addition to the bitcoin market.
This isn’t the first time that China’s stance on cryptocurrencies has led markets to crash in recent months.
Last month, China’s State Council announced plans to ban cryptocurrency mining and trade, leading values to plummet.
China has since banned cryptomining in key regions such as Xinjiang and Inner Mongolia.
Authorities have also restricted cryptocurrency-related social media profiles and trade sites.
On Monday, cryptocurrencies, including Dogecoin, fell as a result of the recent assault on bitcoin.
Elon Musk, the CEO of Tesla, has previously praised Dogecoin, tweeting that he wants SpaceX to put a “literal Dogecoin on the literal moon.”
However, according to CoinDesk, Dogecoin’s value has dropped dramatically in recent days.
Dogecoin was worth $0.206120 (£0.147984) as of Monday night (BST), a decline of -26.31 percent in the last 24 hours.
According to the crypto site, Dogecoin has a market valuation of $26.79 billion (£19.23 billion).
Dogecoin’s value has plummeted in the last seven days, according to CoinDesk data.
Dogecoin was priced at $0.323276 on June 14, but it had decreased to $0.211884 by June 21.
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