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Seeking Alpha 2021-05-21 18:19:50

Ethereum, Ripple'x XRP, Dogecoin slump along with bitcoin after China crackdown

Most cryptocurrencies tank after China Vice Premier Liu He says the country will crack down on bitcoin mining and trading, Reuters reports.That statement came just three days after reports that three regulators in the world's second largest economy will ban financial institutions from facilitating crypto currency transactions.Bitcoin recently traded at ~$37.0K, down from $37.7K at 10:50 AM ET and $41.7K about 24 hours ago.Ethereum (ETH-USD) drops 12% to $2.45K, Binance Coin (BNB-USD) -14% to $333.29, Ripple's XRP (XRP-USD) - 13% to $1.02, Cardano (ADA-USD) -13% to $1.56, and Dogecoin (DOGE-USD) -12% to 36 cents.Grayscale Ethereum Trust (ETHE) slides 10.2%, Grayscale Bitcoin Trust (GBTC) drops 6.8%, and Osprey Bitcoin Trust (OBTC) falls 6.6%.See why SA contributor Investor Trip sees Cardano as a cheaper alternative to ethereum.

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