More than $ 400 million worth of cryptocurrencies liquidated following China ban


As the cryptocurrency market recovers from the crash it suffered in April-May – mainly due to the tightening of Chinese regulations on cryptocurrency trading and mining – another wave of crackdown by the China has left the market in the red. Chinese regulators have stepped up their hammering on these digital assets, imposing a blanket ban on all cryptocurrency transactions and mining in the country this week. As a result, over $ 400 million (approximately Rs. 2,952 crore) of crypto coins were liquidated in one day. This renewed effort to contain cryptocurrency trading has resulted in a significant loss in value of major currencies such as Bitcoin and Ether.

According to data from Bybt, a cryptocurrency exchange and information platform, more than $ 418 million (roughly Rs 3,085 crore) has been wiped off the market. At the time of writing, according to Bybt data, more than $ 326 million (roughly Rs. 2,406 crore) has been liquidated by 80,563 traders in the past 24 hours, meaning the initial panic was giving way to stability. The largest liquidation order occurred on Okex-BTC with a value of $ 6.82 million (approx Rs. 50 crore).

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On Friday, shortly after the People’s Bank of China made cryptocurrency trading illegal and said it planned to severely punish anyone who did, Bitcoin lost more than $ 3,000 (around Rs 2.21 lakhs .) within one hour. At one point, it slipped below $ 41,000 (around Rs. 30.26 lakhs) but has since fallen back to $ 42,733 (around Rs. 31.54 lakhs), according to CoinMarketCap.

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The crackdown in China began this year when authorities began warning banks to suspend virtual currency transactions and shut down much of Bitcoin’s mining business operating in the country.

This had resulted in the crash in April-May, when, for example, Bitcoin fell below $ 30,000 (around Rs. 22 lakhs). He gradually recovered and passed the $ 50,000 mark (around Rs. 37 lakhs) at the end of August. But this renewed focus on curtailing cryptocurrency-related activity has once again raised concerns among investors that the market is heading for a bearish turn.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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