Bitcoin Loses $3,000 as Binance Cancels Chinese Access
Flagship cryptocurrency Bitcoin has dropped below $54,000, 24 hours after nearly tapping $58,000
The sharp fall in the value of the cryptocurrency come after top crypto exchange Binance limited Chinese users from access
Among the top altcoins, Binance coin is the most substantial a gainer, adding 15% in the last 24 hours
After several days of continuous rise, flagship cryptocurrency Bitcoin has now suffered a setback, pushing it below $54,000.
BTC has been bullish in the past week, jumping over $50,000 to reach a five-month high of almost $58,000.
However, the cryptocurrency failed to breach that mark and ended falling below $54,000, losing more than $3,000 on Wednesday morning.
Although the world’s number one cryptocurrency by market cap managed to rally back above $56,000, it dropped back to around $54,000 where it is currently trading.
The latest price decline follows the news that WeChat has limited Chinese users from searching for cryptocurrency exchanges.
Also, Binance has announced it will stop servicing OTC deals involving Chinese users from December 31st, 2021.
This is coming after the Asian giant banned the use of Bitcoin and other crypto-assets completely.
At the time of this report, Bitcoin is trading at $54,500 with a market cap of $1 trillion.
Most altcoins have not suffered the same level of retracement as BTC, Ethereum only lost 1% in value, dropping to $3,460.
A similar level of decline can be seen in coins such as Solana, Polkadot, Cardano, Ripple, Dogecoin.
The anomaly in this situation is Binance Coin (BNB) which has added 15% to its value to reach $465.
According to CoinMarketCap, the entire market cap of cryptocurrencies is $2.27T, down by 0.65% in the last 24 hours.