Crypto Market Crash: Why Algorand, Litecoin, Chainlink See Double-Digit Declines
Most major cryptocurrencies saw intense selling pressure Monday evening and into early Tuesday morning. Among the biggest losers over the past 24 hours were Algorand (CRYPTO: ALGO), Litecoin (CRYPTO: LTC) and Chainlink (CRYPTO: LINK). These tokens lost between 12% and 13% each, as of 9 a.m. EST Tuesday.
Investors may want to note, this wasn't any old token-specific decline. Algorand, Litecoin, and Chainlink were merely among today's biggest losers. The entire sector reportedly shed approximately $200 billion last night, to bring the total cryptocurrency market to a valuation of around $2.6 trillion as of this morning.
Among the catalysts many experts are pointing to as reasons for this crash is a continuation of a harsh crackdown on cryptocurrency mining in China. This weekend, a top Communist party leader was reportedly expelled from the party due to their support for the cryptocurrency mining sector. And on Tuesday, China's top economic advisory board suggested cryptocurrency miners may be forced to pay punitive energy prices, relative to the residential prices many companies currently enjoy.
Source Fool.com
