Bitcoin dropped 8% to trade below $34,000 today, while other digital currencies such as ether and dogecoin also dropped in value in the last 24 hours.
According to CoinDesk, the price of Bitcoin was $33,663.43, down 8%. Ethereum fell 7% to $2,595 per coin, while Dogecoin fell roughly 10% to $0.33 per coin. Like XRP and Litecoin, other cryptocurrencies have also dropped more than 10% in the last 24 hours.
According to the report, the cryptocurrency industry had $94.2 million in outflows last week. On the other hand, Ether, the Ethereum blockchain’s original token, appears to maintain inflows this week, at $33 million.
Although Bitcoin is still up 14 percent this year, it has fallen from a high of almost $65,000 in mid-April, putting a gloom over the cryptocurrency industry. The selloff was accelerated by billionaire Elon Musk’s public criticism of the amount of energy consumed by the token’s servers. The mood was also sullied by China’s strict regulatory oversight.
In other news, a number of crypto-related accounts were blocked over the weekend on China’s Twitter-like Weibo site, as Beijing stepped up its crackdown on bitcoin trade and mining.
“Woman Dr. bitcoin mini” was one of the crypto pundits or key opinion leaders (KOL) who was blocked. “It’s a Judgment Day for Crypto KOL,” she said on Weibo recently.
According to NYU Law School adjunct professor Winston Ma, China’s Supreme Court is likely to issue a judicial interpretation linking illegal crypto operations to Chinese criminal law.