CoinLoan Weekly: China Widens Crackdown on Crypto

ResearchJul 12, 2021

From July 5 to July 7, the BTC price fluctuated between $34,857 and $33,534. On Thursday, July 8, it started to drop rapidly, reaching a new month low ($32,310). On July 10, the price began to stabilize in the range between $34,523 and $33,155. At the time of writing, the BTC price is $33,707, with current market dominance at 45.29%, according to Coinmarketcap.

BTC price (source: CoinMarketCap)

Ethereum followed a different pattern last week. Its volatility level was not as high as BTC's. Still, ETH ended the week with a downward trend despite being relatively stable on Monday, July 5, fluctuating between $2,165 to $2,396. At the time of writing, ETH price is $2,110.80, and its market dominance is at 17.61%.

ETH price (source: CoinMarketCap)

The current crypto prices are the result of China's ongoing crackdown on crypto. The country imposed a ban on cryptocurrency purchase and sale and later ordered to shut down all mining operations.

💫CoinLoan is a universal platform for crypto and fiat assets. We help to keep your assets safe and manage them from one dashboard.

💡First time here? Visit our home page and get to know the CoinLoan lending platform a little better.

The information provided by CoinLoan ("we,” “us” or “our”) in this report is for general informational purposes only. All investment/financial opinions expressed by CoinLoan in this report are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this report.