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Litecoin prices and virtually every other cryptocurrency plunged Monday after China announced intentions to extend additional regulations.
The Chinese government announced it's considering rules that would ban its citizens from using foreign cryptocurrency exchanges. Cutting off a significant number of traders could lead to a large exodus of capital from the market.
The People's Bank of China said that "to prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs."
Below is a recap of the top cryptocurrency prices at 4:00 p.m. EST.
- Bitcoin: $7,024.92, -12.31%
- Ethereum: $725.49, -12.99%
- Ripple: $0.743, -9.34%
- Bitcoin Cash: $913.02, -19.67%
- Cardano: $0.33, -13.07%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency News Today
On Monday, the market capitalization of the global cryptocurrency sector plunged to $338.08 billion. Bitcoin represented 35.9% of the total cryptocurrency market, with a market capitalization of $121.17 billion.
Only one cryptocurrency in the top 100 by market capitalization saw gains on the day. XPlay gained 38.49%.
The worst performers from the top 50 largest cryptocurrencies by market capitalization included DigixDao (down -35.34%), Nano (down -32.39%), ICON (down -28.93%), 0x (down -25.78%), Populous (down -25.27%), RChain (down -25.13%), KuCoin Shares (down -25.02%), VeChain (down -23.12%), Maker (down -22.66%), BitsShares (down -22.26%), and Ark (down -21.92%).
Bitcoin Prices Today Drop Closer to $7,000
Crypto investors were also digesting news that several UK and U.S. banks have moved to ban the purchase of cryptocurrencies with credit cards.
Lloyds Banking Group in London banned UK customers from buying Bitcoin on Sunday. The ban will extend to the firm's 89 million credit card customers, and the ban will affect customers in North America who have accounts with Halifax, MBNA, Bank of Scotland, and other subsidiaries.
This means that the top five credit card issuers have now halted the practice.
On top of China concerns, ongoing worries about Tether, and credit card bans, we learned that India is moving to ban virtual currencies in the near future.
The country's finance ministry said the country is attempting to stop cryptocurrencies like Bitcoin from entering the mainstream. The government will not recognize Bitcoin or other currencies as legal tender.
DavorCoin Accused of Misleading Investors
CoinDesk.com reported that Texas authorities have issued another cease-and-desist letter to another cryptocurrency firm.
The Texas State Securities Board (TSSB) has alleged that DavorCoin has been misleading and defrauding its investors by issuing unregistered securities.
The announcement comes after the TSSB filed similar cease-and-desist letters with BitConnect and ICO project R2B Coin.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.