Dogecoin (DOGE) is down almost 10% as China reports crypto transactions as illegal. According to a report from Bloomberg, the People’s Bank of China (PBOC) issued a statement saying that all crypto transactions and services are illegal in the country. After the announcement, there were sharp movements in cryptocurrencies. For details of the news cryptocoin.com keep reading.
DOGE falls hard after China ban
The People’s Bank of China explained that the ban also covers activities such as derivatives trading and foreign exchange services offered by offshore institutions. Following the news, prices of most cryptocurrencies plunged sharply as investors sold in panic. The price of Dogecoin (DOGE) has dropped almost 10%. Here is a chart showing the trend in the price of the coin over the past day:
As you can see in the chart above, Dogecoin’s price was around $0.222 before the announcement, but then dropped sharply to $0.196. At the time of writing, DOGE has recovered a bit and its price is at $0.207. Still, it’s not clear at this time whether this is for the crash or if the price will drop further.
Bad month for DOGE
It’s been a pretty bad month for Dogecoin, as the coin has seen a lot of moves that led to over 36% depreciation in one month. The chart below shows how the price of DOGE has changed over this period:
During this period, the cryptocurrency lost significant trading volume as it fell to 10th place in terms of market cap.
The tokens of crypto exchanges also got their share from the ban.
Prices of exchange tokens owned by crypto exchanges Huobi and OKEx fell after China’s latest ban notice was issued. In the hour after the People’s Bank of China released its statement on its plan to further tighten its cryptocurrency activities, Huobi Token (HT) and OKEx’s OKB token (OKB) prices dropped more than 15%. They are currently the top two tokens with the largest percentage drop in the last 24 hours, according to data from CoinGecko.
China’s tougher measures now target all crypto-related services, meaning any business that allows people to convert fiat currencies into crypto assets will be considered illegal.
Both Huobi and OKEx have strong roots in China and were founded in that country many years ago. Although they claim to have moved from China and suspended the Chinese Yuan fiat on the ramp, they still have employees based in the country and serve Chinese customers. This allows them to trade Renminbi for crypto assets through traders on their over-the-counter platform (OTC).
Binance, on the other hand, also offers Chinese Yuan OTC services on its platform. However, the price of Binance’s exchange token BNB has been less hit, down nearly 8% in the last hour. Exchanges did not respond to The Block’s request for comment on whether they had any reaction to China’s renewed crackdown measures.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.