You’re on top of the world one day, making headlines for your impending appearance on Saturday Night Live. You’ll be the internet’s laughingstock in no time. That’s the curse of DogeCoin, which, like Bitcoin, Ethereum, and nearly every other cryptocurrency, had its value plummet on Monday.
DogeCoin has dropped more than 30% to 17.6 cents. That’s a significant drop from its all-time high of 70 cents in April. Bitcoin has dropped to $31,500, a drop of slightly over 10%, while Ethereum has dropped 15%.
Thousands of altcoins have been impacted by Ether’s decline, the majority of which are constructed on the Ethereum blockchain and have a portion of their value weighted in Ether tokens. According to CoinBase, the overall market is down 12%.
China, on the other hand, made actions on Monday that suggested the law will be taken far more seriously. According to the South China Morning Post, key banks and financial services businesses such as Alipay attended a conference hosted by China’s central bank, where they were ordered to crack down on cryptocurrency trade. It happened just days after regional authorities in Sichuan ordered the shutdown of 26 mines.
The central bank claimed in a statement on its website that “virtual currency transactions and speculative activity have disrupted the regular order of the economy and financial [system].” “They raise the possibility of unlawful asset transfers across borders and illegal activities like money laundering.”