China extends crypto-ban; cryptocurrency market crashes

  • On Wednesday, China's government extended the ban on cryptocurrencies in financial institutions and payment companies.

  • China's financial institutions and payment companies have been barred from providing services related to cryptocurrency.

  • When the ban was extended, all the people of China started withdrawing money from cryptocurrencies. This caused a huge decline in Bitcoin, Ethereum, and other currencies.

  • Even the servers of crypto exchange apps like Binance, Wazirx, and CoinDCX either crashed or slowed down.

  • People dealing with the Wazirx app had to face a lot of problems like failed crypto trades, stuck INR deposits, and the inability to check portfolio history.

  • Bitcoin declined by almost 40%.

  • Ethereum and BNB crashed by 25% and 31% respectively.


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