The rate of exchange values just dropped after the bank tied with the Chinese govrnemmrt to crack down on the crypto money makers.
According to a CNET news report, the dogecoin is now reduced to greater than 30 per cent around 17.6 cents. Likewise, it has been seen around $31500 fall which is 10%. Also, the ethereum value fell to 15 %. The report furthermore stated that altcoins were also been affected and almost 12% of market value for cryptocurrency is down nationwide.
The main reason for the crackdown?
As the Chinese govt earlier decided to ban financial company or firms involving activists of crypto mining and selling of coins, the value of such coins transaction and earning fell which soon expected a total ban.
In India at coinbase, the account transaction has been almost banned recently.
However, it is likely to come to a new law for cryptocurrencies according to a south China morning news report.
The report also mentioned that a meeting was held with important banks and finance companies like Alipay, which led to the decision to smash down the trading of such coins.
Another report says More than 26 mining industries were shut down recently in Sichuan provinces.
The main reason behind such a crackdown would be an imbalance between the normal economy and virtual currency transaction.
The central bank is now more concerned of the matter and now declared to ban the use of dogecoin, ethereum mining and transaction.
Investors in crypto coins have to face another headache as the prices fall.
The return of Investment
To buy a single dogecoin which is lower than 52 week at $0.0023 and sold it at the current price of 0.22, can make you earn more profit of 0.22 which is around 98.99%. Herenisnevryrhing you need to know about how crypto mining works in virtual.
Some FAQs about cryptocurrency
- In total, there are 130115982363 dogecoins in circulation.
- Dogecoin took its name from a dog viral meme
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