Crypto Market Update: $5 Billion Crypto Assets Under Official Freeze, Ethereum Sales Down 13%

The cryptocurrency market is on a downtrend, with the total value of all cryptocurrencies down to $209.6 billion at the time of writing. The biggest losers were Ethereum (ETH) and Bitcoin (BTC), down 13% and 9%, respectively.

Crypto Market Update: $5 Billion Crypto Assets Officially Frozen, Ethereum Sales Down 13% According to data from CoinMarketCap, the market capitalization of cryptocurrencies has fallen by $100 billion in the last 24 hours. At the time of this writing, all digital assets were worth $209.6 billion.

The price drop was caused by many factors. His ICO freeze in China has reduced overall trading volume. Rumors that virtual currency trading will be officially banned. And it reports that the regulator is planning to establish a registry for digital assets.

Once ICOs in China are officially banned, investors are likely to withdraw their funds entirely from the country's exchanges, especially if they have already invested in China-based projects. It will have a negative impact on the currency. Such an event could also affect stock exchanges in other countries unrelated to the Chinese economy, such as Japan and South Korea.