May 21, 2021

Digital coins such as Bitcoin, Dogecoin, and other cryptocurrencies are plummeting after China reaffirmed its ban on financial institutions from engaging in cryptocurrency transactions.

While Bitcoin’s price fell to a low of just over $37,000 on Wednesday morning, Ethereum and Dogecoin fell 27% and 29%, respectively, around the same time.

Since the beginning of the pandemic, many cryptocurrencies have gained in value, with bitcoin peaking at nearly $65,000 in April.

Since then, the price has continued to fall in value, with the most recent drop following Tesla CEO Elon Musk’s announcement that the company will no longer accept bitcoin as a means of payment because of the environmental impacts associated with mining bitcoin.

For more information, read the original story in CNET.