Cryptocurrencies Plummet in a Week

The Chinese government's plan to crack down on mining activities and ban all cryptocurrency transactions in the country has caused cryptocurrency prices to plummet over the past week.

Cryptocurrency prices have fallen by tens of percentage points in just one week. This indicates that investing in cryptocurrencies is extremely risky. Their prices are highly volatile, like a rollercoaster, and move very rapidly.

Shiba Inu (SHIB), a large-cap cryptocurrency, experienced the steepest price decline. In the past week, the price of SHIB plunged 17.97% to Rp 0.622 per coin as of 12:55 WIB on November 23, 2021.

Other large-cap cryptocurrencies that experienced sharp declines include Terra (LUNA), down 14.81% to Rp 580,673.55 per coin; Dogecoin (DOGE), down 13.2% to Rp 3,156.65 per coin; and Polkadot (DOT), down 11.49% to Rp 561,067.55 per coin.

Bitcoin (BTC) also fell 10.62% over the week, reaching Rp 806,688,934 per coin. As a result, its market capitalization shrank to Rp 15.2 quadrillion. Binance Coin (BNB) dropped 10.26% to Rp 8,060,260 per coin.

Other coins experiencing the most significant contractions include XRP, down 10.21% to Rp 14,920 per coin; Cardano (ADA), down 10.21% to Rp 25,711.49 per coin; Ethereum (ETH), down 8.4% to Rp 59,311,489 per coin; and Solana (SOL), down 7.56% to Rp 3,115,168.25 per coin.