Why is Dogecoin dropping? Crypto plunges 26 percent over the last day

China's central bank said on Monday it had summoned some banks and payment institutions recently, urging them to crack down harder on cryptocurrency trading.

As well as the bitcoin market, the situation has also impacted the value of other cryptocurrencies like Ethereum, as well as other coins like Dogecoin.

This is not the first time in recent months that decisions made by China about cryptocurrency have caused markets to plummet.

Last month, China's State Council announced its plans to block mining and trading of cryptocurrencies, causing prices to drop.

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