Cryptocurrency prices continue to be a mix of red and green on August 29. The global cryptocurrency market cap is $2.12 trillion, a 0.46 per cent increase over the last day, while the total crypto market volume over the last 24 hours is $92.21 billion, which makes a 15.38 per cent decrease.
The volume of all stable coins is now $70.48 billion – 76.43 per cent of the total crypto market 24-hour volume. Bitcoin’s price is currently $49,357.13 and its dominance is currently 43.74 per cent, a decrease of 0.02 per cent over the day.
Regulatory scrutiny from the Chinese authorities have forced bitcoin mining operations to shut down, fuelled the decline.
China had been home to more than half the world’s Bitcoin miners, but in May, the Chinese government called for a severe crackdown on Bitcoin mining and trading.
According to the Coindesk website, Bitcoin’s hash rate – the computing power used for mining – dropped by over 50 per cent in July from May, when China cracked down on mining but had since begun to recover as miners set up mining facilities in other parts of the world.
