Here's Why Bitcoin, Ethereum, and Dogecoin Crashed Today
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The cryptocurrency market endured a brutal decline on Tuesday, as regulators clamped down on the industry. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) were down 7%, 9%, and 20%, respectively, as of 11 a.m. EDT -- and many other cryptoassets were down even more.
Investors are on edge after China cracked down on cryptocurrency miners last week. The Chinese government is reportedly concerned about the mining industry's soaring energy usage, at a time when climate change fears are mounting. The crackdown will result in a greater than 90% reduction in Bitcoin mining capacity in the country, according to the Chinese newspaper Global Times.
Many cryptocurrencies saw their prices plunge early on Tuesday. Image source: Getty Images.
Source Fool.com
