CNBC reported on the 22nd that the market cap of cryptocurrencies (virtual currency) has evaporated by $300 billion (339 trillion won) due to the shock from China that started on Friday.
Starting with the Sichuan government ordering the closure of 26 bitcoin mining companies in the province on Friday (18th), on the 21st, the People’s Bank of China, the central bank, summoned executives from commercial banks to interview and strictly crack down on cryptocurrency transactions. The Chinese authorities took action, such as placing an order.
As a result, cryptocurrencies plummeted, losing about $300 billion in market cap.
Since the last 18 days, Bitcoin has plummeted about 16%. As of 1pm on the 22nd, Bitcoin is at $32,848.
Not only Bitcoin but other cryptocurrencies also plummeted, causing the cryptocurrency market cap to drop from $1.6 trillion to $1.3 trillion, CNBC reported.
