After the Chinese regulators announced a crackdown at all the cryptomining projects, the prices of all the major cryptocurrencies went down today on Monday, June 21, 2021. Though this market is witnessing a downfall in its price since last week but today the prices went down by more than 7%. This has increased the tension of investors and it has dented their sentiments.
Major Cryptocurrencies – Bitcoin, Polkadot, Dogecoin and Many Other Prices Went Down By More Than 7%
This market has always been known for its volatile nature, but this time the price graph of these major cryptocurrencies is going drastically down and it has moreover become a platform of gambling where you cannot predict whether this graph will come up or not.
Cryptocurrency mining is a big business in China but as this mining affects the environment badly, so the country has called for crackdown of all the cryptomining sites and have announced that if anyone found mining illegally should be ready to bear the consequences. The Government of china is really serious about this matter and have urged all the local government to keep a check in their area.
Edul Patel, CEO and Co-founder, Mudrex has said that, “Last week saw a bit of consolidation with low trading volumes for the top cryptocurrencies. The volatility in prices seems to be low. Both BTC and ETH seem to be hovering around crucial support levels. The meme coin, Shiba Inu has lately been among the favorites for the investors and traders after its listing in Coinbase. Dogecoin is currently witnessing a selloff.” The CEO also added, “The good news this week for the short term traders is that the trading volumes have increased across the exchanges. It allows traders to place short-term swing trades.”
Because of this sudden downfall in its prices, many big investors have to bear the losses. Today, after Elon Musk tweeted wishing ‘Happy Father’s Day’, many of the account holders on twitter started giving him the name ‘dogefather’ and requested him to increase the price of Dogecoin as they are loosing all their money.
Happy Father’s Day!
— Elon Musk (@elonmusk) June 20, 2021
Shaktikanta Das, Governor of Reserve Bank Of India on Friday said that the central bank’s position on the trading of cryptocurrency in India remains unchanged, and that it has “major concerns” about its impact on the country’s financial stability. “There is no change in RBI’s position (on cryptocurrencies). We have major concerns around cryptocurrency, which have been conveyed to the government as well.”
Major Cryptocurrencies And Their Prices On June, 21, 2021 (Monday)
Price (Monday, 21 June 2021)