Some Digital Currencies Losing their Value after China’s Recent Declarations

Some Digital Currencies Losing their Value after China’s Recent Declarations

By Brian Hill | Earn Money from Home | 11 Jun 2021


In the last few weeks, Bitcoin has encountered some harsh waves of losses, mainly following Donald Trump’s violent attack on crypto-currency market.

He described the digital crypto-currency market as fraudulent business.

In the same vein, China has recently launched a couple of restrictions on the circulation of the crypto-currency market. In fact, Bitcoin has somehow recovered in the last few hours, but unexpectedly nine digital currencies have experienced a wave of severe losses. They almost lost a quarter of their value in the last week.

On Thursday, China arrested more than 1000 individuals as part of a massive crackdown on "fraudulent activities" as trading in crypto-currencies. The Ministry of Public Security declared that China has been one of the strongholds of Bitcoin in the world.

In 2019, China banned crypto-currency payments. It declared that Bitcoin was generally used as a means to support criminal activities. Just in the last month, China’s local authorities issued a warning that led to a sharp decline in the value of Bitcoin. The Ministry of Public Security again reported that 1100 people were arrested for they were suspected of being part of a "criminal organization". Most of the individuals have used crypto-currencies as a way of money laundering via a couple of platforms over the Internet or mobile phones.

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The value of Bitcoin over the last Week

In the digital currency market, at a time when the total market value has stabilized at $1.594 billion, Bitcoin has recorded a 0.42% increase in last week. This has in return stabilized its Friday trading price at $37230 as well as its global value at $697.64 billion.

In contrast to these changes in Bitcoin’s value, the AVAX, which actually ranks 32 among the digital currencies with the largest market value, has encountered losses of 25% during the last week. Its price stabilized at $14.06 on Friday and its global market value fell to about $2.418 billion.

On its part, RUNE has recorded a 27.4% weekly loss the fact that caused a great loss in its value, which drops today to about $8.55. It global market value has similarly dropped to about $1.829 billion.

The SNX currency, which ranks 76 among the widely used crypto-currencies in terms of market value, has suffered 27% weekly losses, bringing its price to $9.11 it global market  value has dropped to around $1.045 billion.

In the last week, PIKA has fallen by 27.22% to around $2.96. Its global market value has dropped to $0.748 billion.

OMC Lost 33% of its value

CSX has recorded a weekly loss of 26.6 percent for today's turnover of around $0.340. Its global market value fell to about $0.286 billion.

in the same way, ABBC currency has recently lost 30.8% of its value in the last week, about $0.290. Its global market value dropped to around $0.246 billion.

For the OMC currency, losses about 33.24% weekly have been recorded after falling to 13.94 dollars in Friday trading, and its combined market value fell to around 0.220 billion dollars.

The SUN has recorded a 31.1% weekly loss the fact that caused a great decline in its value to $26.78 its global market value dropped to $0.195 billion.

The NEU has recorded a weekly loss of 25% after its price in today's dealings dropped to $0.302, and its global market value declined to about $0.195 billion.

Disclaimer

This piece of writing is the product of several readings on a couple of blogs, and it is for informational purposes only as it doesn't encourage any sort of support to Bitcoin or their value, nor to write off China's declarations. 

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Brian Hill
Brian Hill

Crypto Journalist, Blogger and and Content writer with a couple of years in this industry. Willing to share and pair insights about all that might step up experiences and of course life.


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