Cryptocurrency Market Prices 2022 Bitcoin Ethereum Cardano and XRP

Lutfi

Cryptocurrency Market Prices 2022 Bitcoin Ethereum Cardano and XRP
Cryptocurrency Market Prices 2022 Bitcoin Ethereum Cardano and XRP

Rancakmedia.com – The decline in cryptocurrency market prices was caused by China having made cryptocurrency transactions illegal, after ordering the closure of Bitcoin mining in Sichuan province.

Since yesterday, the cryptocurrency market has fallen 7,66 percent (12:45, Monday 24 January 2022).

After a year of highs and record highs, cryptocurrencies are experiencing a volatile period of unpredictable price movements.

Bitcoin and other top cryptocurrencies saw huge drops in share prices as investors started unloading mining equipment as China announced further regulations.

  1. 24.750,00 GBP, down 6,33 percent, on Bitcoin (BTC).
  2. Ethereum (ETH) -12,20 percent (£1,619,17)
  3. Tether (USDT) +0,19 percent (£0,74)
  4. Binance Coin (BNB) -10,10 percent (£254,60)
  5. Cardano (ADA) -12,83 percent (£0,71)
  6. 0,42 XRP fell 7,61 percent (XRP).
  7. Solana (SOL) fell 18,43% (or £60,50) today.
  8. Terra (LUNA) is down 9,64% (or $45,46) today.
  9. Dogecoin (DOGE) -7,92 percent (£0,0942)
  10. Polkadot (DOT) worth 12,01 GBP fell 12,08 percent.
  11. Avalanche (AVAX) is down 12,67 percent (or $41,39) today.
  12. SHIBA INU (SHIB) -14,55 percent (£0,00001410)
  13. Polygon (MATIC) -18,58 percent (£0,98)

This follows previous declines driven by Tesla making a u-turn to accept Bitcoin as payment for its goods and China tightening initial coin offerings, banning exchanges and advising against speculative trading.

In a new round of crypto restrictions, China ordered the closure of all Bitcoin mining in Sichuan province and directed banks to stop facilitating crypto transactions.

After declaring all cryptocurrency transactions unlawful, China's central bank, the People's Bank of China, has now essentially banned digital coins. The decision has had an impact on the market crypto around the world.

Why Cryptocurrency Market Prices Are Falling

China's ban on cryptos comes days after Musk's surprising declaration. Tesla, which only started using Bitcoin as payment for its services in February 2021, has changed drastically as a result of Musk's decision.

Tesla's price of $1,5 billion (£1,06 billion) in Bitcoin shares pushed cryptocurrency and crypto market prices up.

But the impact on the environment of Bitcoin mining – the difficult process of minting new digital coins – has led Tesla to drop this option for consumers.

The billionaire entrepreneur said: “We are concerned about the rapidly growing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

A recent Twitter message by Tesla CEO Elon Musk reiterated his belief in the “promising future” of cryptocurrency, but warned that it “cannot incur major environmental costs.”

Musk has long been a cryptocurrency champion and Tesla's decision was felt across the market, with other digital tokens falling in price.

What are the current Bitcoin and Ether price rates?

Bitcoin price is £24.750,00 after the most recent price drop (January 24), according to Coinbase. At the time of writing, the price of one Ethereum is $1,619,17.

Cryptocurrency is considered an alternative to the standard banking system, it is cheaper to transfer money because it is not controlled by the government or its institutions.

Tesla's decision, and disclosure by Musk, was seen by some as a knock on the legitimacy of cryptos to be a viable means of payment versus real currency.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.