Cryptocurrency market overview: Xi’s statement pushing reds

Bitcoin price trends may be leading the market, but the matter of fact cannot be ignored that the cryptocurrency sphere is hit by Chinese President Xi Jinping’s decision to keep cryptocurrencies under a leash.

In less than 24-hours following the statement, the overall market capital pulled out of the market sums to about $10 billion, while a general decrease of up to 5 percent is also observed across the market.

Cryptocurrency market overview

The king of cryptocurrency Bitcoin, although recovering by now, is still down by a good margin. A similar situation was observed for Litecoin and EOS while Bitcoin Cash and Bitcoin SV took an even bigger hit as high as over nine percent during this time.

Monero is the only cryptocurrency in the greens during the past 24-hours while the rest have been flowing with the downtrend in reds.

Cryptocurrency market overview - 1Cryptocurrency market overview chart by Trading View

The Chinese clampdown on cryptocurrencies is rooted in illegal activities; however, it is also invested in the Chinese central bank digital currency (CBDC) expected to be rolling out in 2020.

On the other hand, the cryptocurrency market overview shows that the market is stale overall, and investor interest is declining quickly.

The year is coming to a close quickly, and it seems that most traders are now gunning for the long shot in 2020. The new high in the market is expected to come with the Bitcoin halving event in April 2019.

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