ETH carries BTC in its downtrend as China’s crypto crackdown intensifies as the government issues more bearish declarations and repeats the 2017 crypto ban. So read more today in our latest altcoin news.

The total market capitalization of all cryptocurrencies in the entire market, including the total price of all tokens in circulation, is down around 5% today as the Chinese government once again makes it clear that its negative stance on cryptocurrencies persists. The government announced:

“Recently there has been an increase in activities that exaggerate virtual currency transactions, disrupt the economic and financial order, spread illegal and criminal activities such as gambling, illegal fundraising, fraud, etc., fraud, pyramid schemes and money laundering.”

While this is not the first time China has caused market turmoil, the prices of most currencies have fallen, which has only exacerbated recent worries in the world market over the possible demise of real estate giant Evergrande.

ETH is dropping BTC and BTC is falling 4.2%, closing at $ 49,392 for the day. other tokens like Cardano fell 1.1% to $ 2.22 and the Binance coin fell 7.4% to $ 351. Ripple’s XRP also fell 6.5% to $ 0.93 and Solana followed 7.3% to $ 138. DOT also fell by 3.5% and DOGE by 6.6%.

Meanwhile, the BTC Fear and Greed Index measures the sentiment of the community based on volatility, market dynamics and social media posts that have kept the fear zone neutral to sentiment for the past few days.

As recently reported, a Chinese company called Evergrande is the prime suspect in the recent market crash and turmoil in China, when the real estate giant lost $ 305 billion in debt. Some fear that the Chinese property developer will not be able to repay its debt and that a major collapse could ensue. Regulators warn that if Evergrande does not find a solution, the company’s financial system could run into trouble and that the U.S. market could feel economic uncertainty due to the plethora of international asset managers and the bank that holds Evergrande bonds. Investors tend to use riskier assets like stocks when there is global economic uncertainty, so Bitcoin is no exception. The largest cryptocurrency by market capitalization has been struggling for a few weeks, even though El Salvador made it legal tender. The cryptocurrency has not topped $ 50,000 since September 7th.

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