The crypto market continues to take a dive, as both Bitcoin and Ethereum have fallen through their key support yesterday.
Bitcoin reached $32,100, representing a dip of 30% across the previous 24 hours. Meanwhile, Ethereum took a dip of 40% to $2,059. At the same time, the stablecoin Tether has also managed to knock off its dollar peg as USDT fell to $0.84 in a blood-red market.
The day began red hot as a result of news that several Chinese payments and finance associations double down on the 2017 ban of the central bank over financial institutions that get involved in crypto transactions, warning investors against speculative crypto trading.
The crashing market has also affected crypto sites, including Coinbase, CoinMarketCap, and CoinGecko, all of whom have experienced intermittent outages. Binance has even stopped, for now, any ETH and ERC-20 withdrawals “due to network congestion.”
As people rushed to get their ETH, the gas prices on the blockchain also reached new highs.