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Why is the crypto market down today? Explained.

The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like Bitcoin.

The cryptocurrency market on Friday experienced a significant decline, with a 61 billion dollar dip in total market capitalisation, partially due to new restrictions imposed by China on private cryptocurrency holdings.

China has imposed a fresh ban on cryptocurrency holdings according to a report by Binance. The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual

ownership of digital assets like Bitcoin.

Although the current situation is challenging, analysts expect that downward pressure will ease soon, says InvestX, a cryptocurrency and finance related website.