Dogecoin had a huge drop in value in the last 24 hours.

Per CoinDesk, Dogecoin dropped from $0.48 to $0.21 in a 24-hour period, representing a near 45% drop in just the last day. Dogecoin had previously hit a peak of around $0.70 earlier in May.

  • And the drop came as cryptocurrency investors went wild reacting to market fluctuations, which are likely due to a new ban in China.
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What is China’s cryptocurrency ban?

China added a new ban on financial institutions and payment companies from offering services related to cryptocurrencies, according to Reuters. The country decided to warn investors about cryptocurrencies because of the speculative nature of the market.

  • “Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back. This seriously harms the safety of people’s property and disturbs normal economic and financial orders,” said a trio of Chinese finance watchdogs in a statement, according to CNN.

Cryptocurrencies like Bitcoin drop, too

Bitcoin — the leader in cryptocurrencies due to its popularity — had a massive drop in recent days, falling 20% in 24 hours, according to CNBC. The price of a single bitcoin fell to below $37,000 for the first time since February. Moreover, the price of a single bitcoin was worth close to $64,829 in the middle of April.

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According to CNBC, Bitcoin’s recent drop is tied to Tesla founder Elon Musk, who announced Tesla would no longer accept bitcoins to pay for Teslas until bitcoins can be made in a more environmentally friendly way.