Bitcoin price crash: Crypto market crashes dramatically; here is why?

New Delhi: The cryptocurrency market has dropped dramatically amid new fears over China regulation.

This comes after Bitcoin fell sharply over the morning UK time, and was matched by other major cryptocurrencies.

Dogecoin loses 8.5 per cent of its value over the last 24 hours.

Ethereum also saw a major drop after almost 8 per cent over the last 24 hours.

According to tracking website CoinMarketCap, all of the 10 biggest crypto currencies – except those that track the dollar – were down considerably over the last 24 hours.

Three state-backed organisations – which include the China Banking Association – released a statement that seemed to indicate that they had turned even more negative on digital currencies and that further crackdowns could be coming.

It said that cryptocurrencies are not “real”, and that “should not and cannot be used as currency in the market”.

It also warned that consumers should be prepared to lose their holdings, as well as indicating that further regulation could be coming in the future.

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