Crypto markets are a sea of red this morning after word of another Chinese crackdown fuelled the bloodbath early Saturday.

Bitcoin was trading at just over US$35,000 around 11am AEST, down 8.3 per cent from 24 hours ago, while Ethereum was changing hands for around US$2,100 ($2,750), down 11.2 per cent.

Most top 100 cryptos were down by double-digits and some of the hottest coins have lost more than half their value in the past seven days.

Terra has dropped more than 70 per cent, while THORChain, Fantom, Polkadot and Avalance have fallen close to 60 per cent. Nem (XEM) and Bitcoin SV are even down for the year.

The total crypto market capitalisation has dropped to just US$1.4 trillion this morning, from US$1.8 trillion on Friday, and down from a peak of US$2.5 trillion on May 12, according to Coinmarketcap.


The market had been showing signs of recovery Friday morning, but things changed shortly after midnight, when China’s Financial Stability and Development Committee announced a crackdown on Bitcoin mining and trading activities.

BTC plunged from over US$41,000 to around US$35,000 by 7am AEST Saturday. It recovered to US$38,000 by Sunday afternoon only to drop again overnight, trading as low as just over US$31,200 around 3am AEST today.

On Crypto Twitter, there was debate over what would happen next.

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