China’s largest social media platform on Tuesday banned over a dozen popular crypto-related accounts. It is suspected that bitcoin, ether, and other cryptocurrencies have been and will continue being volatile for the coming days. At the beginning of May, the cryptocurrency market saw a loss of $460 billion in just 24 hours all over the world after the central bank of China went against cryptocurrency companies.
The largest cryptocurrency, bitcoin saw a drop in price by 8.5% over the last 24 hours and has been priced at $33,737.72 at 0725 IST on June 8. Ethereum also fell by 6.24% over the last 24 hours, after being traded at $2,609.73 as mentioned on Tuesday morning by coinmarketcap.com. Overall the cryptocurrency industry overall sustained outflows of $94.2 million last week, showed data.
Looking at the trajectory of cryptocurrencies over the last month, there has been a tremendous decline. Ether and bitcoin in the first quarter reached an all-time high while the world’s largest cryptocurrency swiftly dropped approximately 50% last month.
Even in the unstable situation of cryptocurrency, bitcoins funds and products released prominent outflows the past week as investors proceeded to cautiously trade bitcoin. With outflows reaching $141 million by the end of the week of June 4th and showing the net inflows of this year at 8.3%.
