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Cryptocurrency market crashed

June, 22 2021
watermark Economic news

Over the past day, the cryptocurrency market collapsed, and the fall of some assets was 10-20%. The main reason for this was the restrictions on mining in China, one of the world's centers for generating digital currencies.


The most popular cryptocurrency, Bitcoin, fell to $31,511 thousand, having lost more than 11% of its value. Ethereum has fallen in price by 8%, to $1,948 thousand. Dogecoin fell more than the rest – by 23% to $ 0.2.


The fall began after the authorities in China's Sichuan province, one of China's mining centers, cut power to 26 mining companies in mid-June. Traders fear China will continue to tighten mining conditions.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.