The last few days have been a troubling time for cryptocurrency owners around the globoe, with most experiencing losses reaching more than $10 billion in less than 24 hours.
Overall, virtual currency market capitalization has dropped by about 5 percent - the second largest dip in less than a month. As it stands, all cryptocurrencies in the top 30 by market cap have fallen in the red zone, with Bitcoin (BTC), Ethereum (ETH) and XRP shedding between 4 to 5 percent each.
Other digital currencies suffered even more huge drops, with Litecoin (LTC) and EOS retreating 5.3 percent and 7.6 percent, respectively, while Bitcoin Cash (BCH) and Bitcoin SV (BSV) fell 8.3 percent and 9.1 percent, respectively since Tuesday.
Those declines come from the heels of almost three weeks of downturn. The latest turn of events seems to be directly related to Chinese President Xi Jinping's recent statements, which made it clear that his earlier comments on blockchain were misinterpreted. He then confirmed that bitcoins are unregistered investments that enable bribery and activities like pyramidding.
While the Chinese leader trusts the potential of blockchain innovation, he takes electronic money with a grain of salt, although China is expected to release its own state-backed digital yuan anytime next year.
Meanwhile, Bitcoin, the world's most sought-after digital asset, lost over 4 percent late Monday as traders were reluctant to buy or even engage in the digital currency trading, possibly due to recent reports of a new crypto crackdown in China.
The biggest crypto in terms of market value, bitcoin has shed 3.03 million units during its last session. According to CoinDesk's Bitcoin Price Report, the crypto is currently changing hands at $8,144.
Bitcoin has wrapped up Monday's traded with a price of around $8,520 but has fallen by as much as $400 in value since then. But its price has not been so low since late September, when Bakkt - the Bitcoin futures market funded by New York Stock Exchange - launched quite sluggishly and minus the positive reviews.
Late on Wednesday, Bitcoin stood for a decent $9,500, although the disappointing business roll-out by Bakkt caused the cryptocurrency to plummet only days later by more than $1,400.
Bitcoin's price recovered slightly late October after positive comments from China's leader, Xi Jinping, regarding blockchain.
Meanwhile, Bakkt has seen a rise in the last few days after dealing in bitcoin futures above $18 million. Bitcoin then seemingly revived, spiking momentarily to about $10,000 a coin per level before falling back into the vicinity of $9,000 early Wednesday.
