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.