Cryptocurrency prices today: Bitcoin trades in red; Polka Dot declines nearly 8%

Bitcoin | Representative image

Cryptocurrency prices are recovering after a steep fall in reaction to China’s announcement declaring all transactions involving Bitcoin and other virtual currencies illegal.

The global cryptocurrency market cap is $1.87 trillion, a 1.91 percent decrease over the last day. The total crypto market volume over the last 24 hours is $92.82  billion, which makes a 31.08 percent decrease, as per Coin Market Cap.

Bitcoin's price is currently Rs 33,32,102 and its dominance is currently 42.70 percent, an increase of 0.66 percent over the day.

Also Read | Bitcoin slips after China central bank vows to crack down on crypto trading

China's central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.

The central bank complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.

Prices for Bitcoin and other digital currencies dropped after the announcement.

Also read | Should you buy the dip in Bitcoin and other cryptocurrency prices?

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year.

The Peoples Bank of China is developing an electronic version of the country's yuan for cashless transactions that can be tracked and controlled by Beijing.

As of 7.40 am on September 26, these are the prices of the largest cryptocurrencies (data from WazirX):