Cryptocurrency market is witnessing major upheaval following China’s blanket ban on cryptocurrencies, which was announced last week. Bitcoin opened at Rs. 33,52,013 (roughly $45,185) on Wednesday, September 29. The world’s most-valued cryptocurrency witnessed a marginal dip of 0.78 percent making it the second day in a row to have dropped in exchange value. A day ago, Bitcoin had slumped by 2.96 percent. Analysts from exchange platform CoinDCX believe that the Chinese government’s crypto restrictions have resulted in a sell-off with only a little long-term impact on Bitcoin price, which has often been seen to recover following an initial dip.
The day began on a rough note for the world’s second most-valued cryptocurrency Ether as well. The Ethereum blockchain-based cryptocurrency fell in price by 1.39 percent. Presently, Ether is trading at Rs. 2,31,183 (roughly $3,116). On September 29, Ether had registered a significant drop of 5.93 percent, as per the Gadgets 360 crypto-price tracker.
Similarly, other popular cryptocurrencies like Dogecoin, Cardano, and Litecoin have also witnessed marginal slips in exchange values