UK markets closed
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • FTSE 250

    22,883.39
    +206.11 (+0.91%)
     
  • AIM

    1,232.54
    +4.45 (+0.36%)
     
  • GBP/EUR

    1.1675
    -0.0013 (-0.11%)
     
  • GBP/USD

    1.3754
    -0.0013 (-0.10%)
     
  • BTC-GBP

    24,469.65
    +749.31 (+3.16%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • DOW

    35,061.55
    +238.20 (+0.68%)
     
  • CRUDE OIL

    72.17
    +0.26 (+0.36%)
     
  • GOLD FUTURES

    1,802.10
    -3.30 (-0.18%)
     
  • NIKKEI 225

    27,548.00
    +159.80 (+0.58%)
     
  • HANG SENG

    27,321.98
    -401.86 (-1.45%)
     
  • DAX

    15,669.29
    +154.75 (+1.00%)
     
  • CAC 40

    6,568.82
    +87.23 (+1.35%)
     

Crypto price crash as bitcoin, ethereum, dogecoin and other coins plunge in value

·1-min read
A visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England (Getty Images)
A visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England (Getty Images)

The crypto market is suffering a small crash, which has dragged down all of the biggest currencies.

Bitcoin fell 6.55 per cent over the day, and ethereum was down more than 10 per cent. Other smaller currencies such as dogecoin were hit even harder – the meme crypto lost more than 10 per cent over the day.

In total, the market had fallen 6.34 per cent at the time of publication, according to tracking website CoinMarketCap. Volume also increased, presumably as holders looked to sell their currencies ahead of any possible larger slide.

>> Follow our live coverage of the cryptocurrency market.

That meant that the crypto market had lost $100 billion in the flash crash, which began overnight UK time.

The fall came amid increasing concern about a regulatory crackdown on digital currencies, particularly in China. Regulators in the country have stressed once more that they do not look favourably on crypto, and that it could face more legal scrutiny.

The latest warning came as the Chinese central bank shut down a Beijing-based software firm over suspected cryptocurrency transactions.

The People’s Bank of China warned that financial and payment institutions in the country are banned from involvement in cryptocurrencies.

It reiterated that it would be working “to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets”.

While the country has taken a dim view of cryptocurrencies generally for some time, authorities have in recent weeks stepped up their threats of further regulation and scrutiny.

That has led to a series of crashes, which have often seen significant losses. China accounts for a considerable amount of the cryptocurrency market, and miners in the country are a large part of the infrastructure underpinning digital currencies.

Read More

Bitcoin price – live: Flash crash wipes $100 billion from crypto market

Ethereum makes crypto history by surpassing bitcoin in key milestone

Bitcoin price shoots up after global regulator proposes first ever rules for banks to hold crypto

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting