The value of global cryptocurrencies hit a low of around $ 1.8 trillion at 7.15 a.m. EDT on Friday, falling about 9% and losing $ 188 billion in market value in just three hours after the announcement of China, according to crypto data website CoinMarketCap.
The sharp plunge wiped out virtually all gains since a global stock sell-off on Monday triggered the crypto market’s worst drop in weeks, with major Solana’s bitcoin, ether and sol cryptocurrencies falling between 6% and 10% each Friday morning.
In a Friday memo, Vital Knowledge Media analyst Adam Crisafulli noted that China’s announcement is “very consistent with its past rhetoric,” but still cautioned investors against buying at prices. current because it is likely that Beijing’s measures could be adopted by other countries, with India among the largest economies expressing hesitation towards cryptocurrencies.
Meanwhile, Freddie Williams, of digital asset broker GlobalBlock, said he saw “little gut reaction from clients” after the latest ban, adding that the market could rebound once the temporary fear subsides. , as he did after Monday. decline.
Williams further noted that China had reiterated its so-called bitcoin ban several times over the years (most recently in May), but still had failed to prevent institutions, especially in the United States. United, to boost cryptocurrency adoption at an astounding rate.
Crypto investor Mike Novogratz, a loyal bitcoin bull, also weighed in on Twitter, claiming that the world’s largest cryptocurrency could continue its struggle to cross a price point of $ 45,000 again, but that “secular history is stronger than ever.”