The biggest crypto news for Wednesday is the crashing price of the digital assets. Investors that are looking to pin the fall on someone should look no further than China.
A recent change in policy from China makes it so that cryptocurrencies can no longer be used by financial institutions and payment companies. This also affects registration, trading, and settlements as well.
Basically, China has made it so that its citizens can hold cryptocurrencies, but can’t do much of anything else with them. News of more restrictions for crypto is spooking the market and making some of the most popular names fall, reports Newsweek.
Take Bitcoin (CCC:BTC-USD) for example. The crypto was trading at just below $33 as of this writing. That’s a low it hasn’t seen since late January. The fall is also going a long way toward wiping out the gains BTC has made so far this year. As of this writing, it’s down 22.5% over a 24-hour period and is only up 32.7% year-to-date.
It isn’t just Bitcoin that is taking a beating today. Several other cryptos are also watching their prices plummet alongside the China ban news. That includes Ethereum (CCC:ETH-USD) falling 37.1%, and Dogecoin (CCC:DOGE-USD) dropping 35.1% over the last 24 hours.
News of the crypto crash has been lighting up social media with traders talking about it. That includes plenty making use of hashtags to share the news. Among them is the #buythedip hashtag, which is filled with memes from investors. You can check out the best ones at this link.
Of course, there’s plenty of other crypto news that investors need to be aware of.
And luckily for them, InvestorPlace is up-to-date. That includes Bitcoin and Dogecoin price predictions, as well as another look at the China crypto ban. You can check out all of these topics by clicking on the links below.
More Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.