2021-07-08 11:51:48

Ethereum, Dogecoin, Cardano slump heavily over Chinese central bank fears

Almost all the leading crypto assets on Thursday recorded significant losses, with growing concerns about the risk stablecoins pose to the crypto-verse.

Investors are increasingly selling their crypto assets on macros that suggest the Chinese central bank is becoming very concerned about the systemic risk of stablecoins to the world financial system

Although these stablecoins were tied to a fixed fiat value, such as the Euro, Japanese Yen, and U.S. dollar, regulators are, however, becoming concerned if they are actually backed and proper audit measures are taken.

READ: Elon Musk’s tweets wrecks Crypto market, as investor loses $90 million

At the time of drafting this report, the pioneer crypto asset was down more than 6% as it battled to say afloat the $32,500 price level.

In addition, Ethereum, Binance Coin, Dogecoin, Polkadot, and Cardano all recorded losses of more than 8% with short selling pressures returning to the Crypto market

XRP, whose parent company Ripple Labs is still facing a legal battle with the U.S. Securities and Exchange Commission, lost over 6% to trade around $0.62

The crypto market value presently stands at $1.38 trillion, posting a daily decline of about 6% with Bitcoin’s dominance hovering around 44.3%.

READ: Google lifts ban on Crypto exchanges advertisements

For the day, about 83,847 investors got liquidated with the largest single liquidation order happening on Bybit-BTC valued at $5.18 million.

In addition, a dark cloud seems to be building over the world’s biggest crypto exchange after the Polish Financial Supervision Authority (PFSA) issued a statement on Binance’s growing regulatory challenges stressing that the crypto exchange operations are not regulated in Poland, further strengthened bearish sentiments on the broader market spectrum.

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