What just happened in the crypto market?

The cryptocurrency market suffered its worst crash in over a year last week, with leading currencies crashing as much as 30% in 24 hours after a bull run that began late last year took coins such as bitcoin and ethereum to all-time highs. What changed?

Why did the crypto market crash?

The big sell-off began on 19 May after China barred financial institutions from dealing in cryptocurrencies. China had come up with such a ban in 2017 too, but the 2021 ruling has a wider scope. It bans institutions from accepting payments in crypto or using them for payment or settlements.