As all crypto traders already know, the entire market has taken a nosedive. All top 100 altcoins are in the red and panic is settling in everyone’s minds. The reason why the market went down so hard in only a couple of days is because of Asia’s influence. China and South Korea announced that they wish to permanently ban all crypto trading and this forced their residents to begin a trading session which affected the prices of all altcoins.
China Forces Asian Trading Session
Statistics are showing that the entire market dropped by a whopping 36% during the past week and that the entire market capitalization fell to $500 billion from $830 billion. The first time that China showed its desire to shut down all crypto trading was in September of 2017.
Now, China wants to take things to the next level now by placing power usage restrictions for mining operations. Seeing as there was no other choice, many crypto mining “factories” bailed and moved to Japan and other crypto friendly countries.
Bitcoin Goes Down
Bitcoin is the number one cryptocurrency and its price has been diminished from an all-week high of $14,500 to $10,124. If the biggest cryptocurrency is suffering so much, then you can understand why all other altcoins are dropping in value as well.
Another great example of how the Asian trading session is affecting crypto prices is Ethereum. This altcoin was sitting at an all-time high of $1,425 and now its valued at $880.99. Although, Ethereum is still up even with this price when considering that it used to be traded around $300 in early November 2017.
Ripple Loses 70% Value
Ripple is another top ten cryptocurrency that’s been going down as a result of China’s recent regulations against crypto trading. Ripple’s XRP token was valued at $3.80, but then it quickly dipped down to $1.04 and its market capitalization went down to $40 billion.