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Bitcoin falls below $30,000 after China’s crackdown: Everything you need to know

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Bitcoin collapsed in a particularly powerful way in the new year: By breaking the price limit of 30,000 US dollars for the first time. That was a sign of that there are still good times to comeas the price was over $ 60,000 in March. But what’s the saying, what’s up …

On Tuesday morning, Bitcoin fell below $ 30,000 for the first time this year. It followed Monday’s news that China, which has long had a softly enforced ban on cryptocurrencies, is taking serious action against cryptocurrencies. Social media was teeming with observers suggesting that 2021 price gains have been neutralized for the time being.

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The price has since rebounded to just under $ 34,000 at the time of writing.

Bitcoin wasn’t alone, however. Ether, the second largest cryptocurrency, fell to $ 1,730, its lowest price since late March. DogeCoin fell to 17 cents, less than a quarter of its all-time high of 73 cents. Both have also rebounded slightly, with Ether at $ 1,975 and DogeCoin at 19.8 cents. For reference, Ether’s all-time high is $ 4,132.

It is the second slump China’s regulators have caused this year. Chinese in May Officials confirmed an old ban this prohibits financial companies from actively helping to mine and sell cryptocurrencies. It caused a huge slump, but crypto enthusiasts shrugged that the ban is nothing new. It was anchored in 2013 and then only sparingly implemented.


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Why the cryptocurrency took a hit

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However, steps by China on Monday indicated that the law would be enforced much more seriously. Major banks and financial services companies like Alipay attended a meeting of the Chinese central bank, reports the South China Morning Post, at which they were asked to take action against trading in cryptocurrencies. It came days after regional authorities ordered the closure of 26 mining operations in Sichuan.

“Virtual currency transactions and speculative activities have disrupted the normal economic and financial order” [system]“Said the central bank in a statement on its website. “They increase the risk of illegal cross-border asset transfers and illegal activities such as money laundering. “

The decentralized nature of cryptocurrency is anathema to the Chinese Communist Party’s focus on stability – and control. Although China is avoiding Bitcoin, Ethereum, and other cryptocurrencies, it is working on introducing its own digital currency, the e-yuan.

China’s #bitcoin ban is negative in the short term and positive in the long term

– Anthony Scaramucci (@Scaramucci) June 21, 2021

The dominant driver of #Bitcoin right now is the crackdown on mining and trade in China, which began in May. This resulted in a forced and hasty exodus of Chinese capital and mining from the Bitcoin network – a tragedy for China and a long-term benefit for the rest of the world.

– Michael Saylor (@michael_saylor) June 19, 2021

Bitcoin enthusiasts compare the cryptocurrency to Google, whose share price continued to flourish after the 2010 ban in the People’s Republic. They say that China is neglecting cryptocurrencies at its own risk and that it will be positive for the US in the long run.

Dogecoin holders are less calm. The memecoin entered the year at less than a cent in value and was pumped by Elon Musk and an ironic internet movement hoping to get it up to 10 cents – much like the move seeking to bring GameStop’s stock to $ 1,000. The 10-cent target was met in April and completely dwarfed the following month. As a hype builds around a possible announcement by Musk on SNL, the memecoin has reached 73 cents. After Musk referred to Dogecoin as “a hassle” on the show, it is Collapsed in value, a trend that has continued over the past month.

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Cryptocurrency

Cryptocurrencies recover from last week’s China-led selloff, while decentralized exchange tokens sushi and uniswap surge by as much as 37% | Currency News | Financial and Business News

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Crypto

  • Cryptocurrencies recovered from the slump on Friday with decentralized exchange tokens Sushi and Uniswap at the top on Monday.
  • Ether rose up to 9% while DEX coins Uniswap and Sushi rose 37% and 29%, respectively.
  • China’s previous raids “were built into the prices,” said OANDA’s Jeffrey Halley.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

The cryptocurrency market rose in value on Monday and rebounded from Friday’s slump triggered by China’s trade and mining ban, while sushi and uniswap decentralized exchange tokens were the main beneficiaries of the rebound.

Last week, China banned all trading and mining activities and banned Forex from doing business with users on the mainland, sparking a sell-off that wiped out the value of the entire crypto market by up to $ 200 billion in one place in a single day.

But by Monday, Bitcoin, Ether, and a host of smaller coins were on their way to making up much of those losses, with DEX coins rising higher.

Uniswap – the largest DEX token by market value – rose 37% earlier in the day, but reduced some of those gains to around $ 24.69, plus 12% by 6:11 a.m. ET, while smaller rival Sushi was up as much as 29% . , but recently up 5% to USD 11.00 according to Binance data. DEX coins come from decentralized platforms that allow their users to trade without any kind of intermediary such as broker, bank or clearing house.

“Ether, Uniswap and Sushiswap have all increased in the last 24 hours because the China ban created a narrative that Chinese citizens will flock to DeFi solutions,” Marcus Sotiriou, sales trader at digital asset broker GlobalBlock told Insider.

Uniswap and Sushiswap are two of the largest decentralized exchanges, so it was no surprise that their native tokens were ahead of the pack, he added.

“It may well be that China’s previously announced raids were built into prices, which meant the knee-jerk reaction was quickly losing steam,” said Jeffrey Halley, senior market analyst for OANDA, a foreign exchange company, in a statement to clients on Monday .

“Bitcoin has shown some resilience over the weekend sessions and has now made up most of those losses,” Halley said.

China has waged a year-long campaign against virtual currencies since 2013 when it banned banks from processing Bitcoin transactions. In 2017, it also ordered local cryptocurrency exchanges to cease operations, forcing people in China to use offshore exchanges. Earlier this year, Beijing cracked down on financial institutions that offer crypto services as well as bitcoin mining.

Now China is going even further, targeting individuals, not just corporations, and blocking opportunities to bypass previous limits, despite Friday’s ban stopped banning ownership of cryptocurrencies.

Elsewhere in the market, ether, the second largest cryptocurrency after Bitcoin, was last up around 5% to $ 3,109.29 on the Kraken exchange, making it one of the stronger performers among the larger tokens, while Bitcoin was up 1.4% gained $ 43,869 on CoinMarketCap.

GlobalBlocks’ Sotiriou noted that most of the decentralized financial applications – including some exchanges – are built on top of the Ethereum network, which would explain Ether’s outperformance on Monday.

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5 Crypto Assets Surge up to 10,313% in 24 Hours. Details Here

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Global crypto market cap stood at $ 1.96 trillion on Monday, with the market up 5.08 percent over the past day, according to data from CoinMarketCap. The total crypto market volume in the past 24 hours was $ 113.85 billion, an increase of 20.52 percent. The total DeFi volume at the time of this article was $ 20.60 billion, or 18.10 percent of the total 24-hour volume of the crypto market. Now the volume of all stable cryptocurrencies was $ 92.53 billion, which is 81.27 percent of the total 24-hour volume of the crypto market.

With that in mind, it should also be noted that on September 27th, the crypto market saw some significant changes in terms of the rise and fall of some of the top winners and losers in the past 24 hours.

In terms of top winners, the top spot went to YAS, an altcoin in the market that is up 10,313.06 percent in the past 24 hours and was priced at $ 0.05628 at the time of this article. In second place came PengolinCoin with a price of $ 0.01202, up 2,757.63 percent over the past day. ForeverFOMO was back on the top five winners list at $ 0.0003852, trading at 902.53 percent green for the past 24 hours.

Among the five biggest losers in the market, the top spot went to AquaGoat.Finance with a price of $ 0.000000000217. The altcoin was down 96.89 percent in the past 24 hours. In second place was the Altcoin HeartK with a price of $ 0.0002004. For the past 24 hours it has traded red at 74.54 percent. The lowest on the top 5 list was the altcoin OREO, priced at $ 0.0002403 as it was only down 59.96 percent.

Top 5 cryptocurrency winners (according to data from CoinMarketCap)

1) YAS – $ 0.05628 – 10,313.06% change in the last 24 hours

2) PengolinCoin – $ 0.01202 – 2,757.63 percent change in the last 24 hours

3) ForeverFOMO – $ 0.0003852 – 902.53% change in the last 24 hours

4) GravitX – $ 0.2431 – 377.46% change over the past 24 hours

5) Rapidz – $ 0.0006437 – 371.74% change in the last 24 hours

Top 5 cryptocurrency losers (according to data from CoinMarketCap)

1) AquaGoat.Finance – $ 0.000000000217 – traded down 96.89 percent in the past 24 hours

2) HeartK – $ 0.0002004 – Traded 74.54 percent in the last 24 hours

3) SHPING – $ 0.0003377 – down 70.83 percent in the last 24 hours

4) GoldFinX – $ 11.31 – traded down 67.71 percent in the past 24 hours

5) OREO – $ 0.0002403 – down 59.96 percent in the last 24 hours

On the other hand, there are the better-known cryptocurrencies. Crypto coins such as Bitcoin, Ethereum, Cardano, Tether and Binance Coin took the first five places in this order. The market topper Bitcoin hit $ 44,192.30 on Monday as it rose 5.02 percent in the past 24 hours. Over the course of the week, however, the coin was quoted red at 3.56 percent.

Regarding the Bitcoin market situation, ZebPay Trade Desk said, “The battle between the bears and the bulls continues while the asset is around $ 44,000. After falling below $ 40,000 on September 21, the asset is now trading above $ 44,150. The volumes have seen an uptrend in the past few days and that is expected because if the assets are corrected it looks much more attractive which is why participants are buying. The asset appears to have rebounded well after seeing a sharp decline following China’s crackdown on the cryptocurrency last week. “

“Bitcoin showed signs of recovery last week after hitting the $ 39,600 low, rebounding nearly 13.5 percent to $ 45,200. The asset encountered resistance at around $ 45,000 and then sold off again over the weekend. However, it did not test the recent lows and reversed from $ 40,683. Although BTC is trading in a downtrend, it has taken support at around $ 40,000 and formed a bullish engulfing pattern, which is a bullish two-candlestick reversal pattern that occurs in a downtrend. If the bulls manage to hold support, BTC could continue on its upward trajectory and we can expect a recovery rally, ”added ZebPay Trade Desk.

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BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, LUNA

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The rebound in the crypto market was shaken on Sept. 24 after it was revealed that China’s government adopted a new package of measures that includes stronger cross-departmental coordination to “cut off payment channels, ditch relevant websites and mobile apps” to crack down on illegal cryptocurrency transactions efficient.

While the news led to a sell-off, long-term investors are unlikely to be concerned, as nothing else has changed other than the announcement of additional measures to effectively enforce the existing ban.

Daily performance of the cryptocurrency market. Source: Coin360

China first announced a ban on cryptocurrencies in September 2017, and that news had also led to a sharp correction in Bitcoin (BTC) price. That slump proved to be a good buying opportunity, however, as the price recovered in a matter of weeks and hit a new all-time high of nearly $ 20,000 in less than three months.

Is the current correction in Bitcoin and most of the major altcoins a good buying opportunity or could the crypto markets continue to collapse? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin bounced off the 100-day simple moving average ($ 40,874) and rose above the neckline of the head-and-shoulders moving average ($ 45,596) on September 22nd.

BTC / USDT daily chart. Source: TradingView

The falling 20-day EMA and the relative strength index (RSI) in negative territory show that the bears have the upper hand. If bears sink and hold the price below the 100-day SMA, the BTC / USDT pair could fall to $ 37,332.70.

This level can act as strong support, but if it breaks the next stop on the pattern target could be at $ 32,423.05.

Contrary to this assumption, if the price rises from current levels or the 100-day SMA, the bulls will try again to push the pair above the moving averages. A closing price above the 50-day SMA ($ 46,816) suggests the correction may be over.

ETH / USDT

Ether (ETH) rebounded from the 100-day SMA ($ 2,734) on September 22nd, climbing above the plunge level of $ 3,000. This shows that the bulls bought the dip and tried to trap the aggressive bears.

ETH / USDT daily chart. Source: TradingView

However, the rebound stalled on September 23 at $ 3,174.50 and the bears are trying to establish their supremacy. The falling 20-day EMA ($ 3,255) and the RSI below 41 show that the bears are in charge.

If the index breaks and closes below the 100-day SMA, the ETH / USDT pair could see aggressive selling. The pair could then fall towards the pattern target at $ 1,972.12. This negative view will be invalidated if the bulls push and hold the price above the moving averages.

ADA / USDT

Cardano’s (ADA) strong rebound from $ 1.94 levels hit a roadblock at the 20-day EMA ($ 2.36). This suggests sentiment remains negative with traders selling on rallies to the 20-day EMA.

ADA / USDT daily chart. Source: TradingView

The bears will now attempt to break the price below the critical support zone at $ 1.94 and the 100-day SMA ($ 1.83). If successful, the ADA / USDT pair could fall to $ 1.60 and then to $ 1.40.

Alternatively, if the price rises from current levels or rebounds from $ 1.94, the bulls will attempt to break the overhead hurdle again. A break and close above the 20-day EMA are the first signs that the correction may be over. The pair could then rise to $ 2.60 and then to $ 2.80.

BNB / USDT

Binance Coin (BNB) rebounded from strong support at $ 340 from $ 385.30 today, indicating strong sales by traders at higher levels.

BNB / USDT daily chart. Source: TradingView

The downward trending 20-day EMA ($ 402) and the RSI below 37 indicate the bears are in control. If the $ 340 support breaks, sales could intensify and the BNB / USDT pair could extend its decline to $ 300 and then to $ 250.

Contrary to this assumption, the bulls will make another attempt to push the price above the moving averages if the price rebounds from current levels. A breakout and a close above $ 433 signal that the correction may be over.

XRP / USDT

XRP bounced off the 100-day SMA ($ 0.87) on September 22, but the bulls failed to extend the rebound. The altcoin formed a doji candlestick pattern on September 23, indicating indecision between bulls and bears.

XRP / USDT daily chart. Source: TradingView

The uncertainty cleared on the downside today as bears pushed the price down to the 100-day SMA. If that support breaks, selling could gain momentum and the XRP / USDT pair could slide to $ 0. 70.

This level can act as strong support, but if bears let the price dip below it, the next stop could be at $ 0.50. That negative view will be offset if the price rebounds from the 100-day SMA and rises above the $ 1.07 to $ 1.13 resistance zone.

SOL / USDT

Solana (SOL) rebounded and rose above the 20-day EMA (USD 145) on September 22nd, but the bulls were unable to push the price above the downtrend line. This suggests that bears are selling in rallies.

SOL / USDT daily chart. Source: TradingView

The bears pulled the price back below the 20-day EMA today and the SOL / USDT pair could now hit the 50-day SMA ($ 108). This level should serve as strong support.

If the price recovers from this, the bulls will try again to push the price above the downtrend line and hold it. If they do, the pair could climb to $ 170 and then to $ 200.

Conversely, if the 50-day SMA cracks, the pair could panic selling and the price could then fall to the 78.6% Fibonacci retracement level at $ 98.26.

DOT / USDT

Polkadots (DOT) rebound of $ 25.50 stayed at $ 33.60. This suggests that bears are selling at higher levels. The bears are trying to push the price below the breakout level of $ 28.60. If this succeeds, a retest of $ 25.50 is likely.

DOT / USDT daily chart. Source: TradingView

A breakout and a close below $ 25.50 complete a bearish head and shoulders pattern. The DOT / USDT pair could then begin its decline to the 100-day SMA ($ 21.87) and then to the pattern target at $ 12.23.

Contrary to this assumption, the bulls will make one more attempt to resume the upward move if price rebounds from current levels or the neckline. A break and a close above $ 33.60 could open the doors for a retest at $ 38.77.

Related: Bitcoin hits $ 45,000, TWTR share price soars 3.8% after BTC tip arrives on Twitter

DOGE / USDT

The bulls pushed Dogecoin (DOGE) above $ 0.21 on September 22, but the rebound failed to attract buyers at higher levels. After forming an inside-day candlestick pattern on September 23, the price fell below $ 0.21 today.

DOGE / USDT daily chart. Source: TradingView

The falling 20-day EMA ($ 0.23) and the RSI near 36 suggest sellers have the upper hand. If bears drag the price below the $ 0.19 support, the DOGE / USDT pair could extend its decline to the critical support at $ 0.15.

This level has held up on three previous occasions so the bulls will try again to defend it. On the flip side, if bears drop the price below $ 0.15, sales could pick up and the pair could drop to $ 0.10.

AVAX / USDT

Avalanche (AVAX) rebounded from the 20-day EMA (USD 60.15) on September 21 and rose to a new all-time high on September 23. However, the bulls were unable to push the price above the resistance line of the ascending channel. which could have resulted in profit bookings from short term traders.

AVAX / USDT daily chart. Source: TradingView

The AVAX / USDT pair has turned down today and the first stop could be the support line of the channel. A strong rebound from this support indicates that the uptrend remains intact and traders are accumulating on dips. The pair could then climb to $ 94.

On the flip side, a break and closure below the channel will be the first sign that the bulls may lose their footing. If bears drag below the 20-day EMA, the pair could fall to $ 48 and then to the 50-day SMA ($ 43.06).

MOON / USDT

The cops successfully defended the retest of the breakout level in the LUNA token of the Terra Protocol on September 21. This indicated that sentiment remained positive and traders viewed the slumps as a buying opportunity.

LUNA / USDT daily chart. Source: TradingView

Buyers pushed the price above the 20-day EMA ($ 33.06) on September 22nd, followed by another upward move on September 23rd. Although the 20-day EMA has started rising, the RSI is showing a minus divergence, suggesting that bullish momentum may be weakening.

If bears pull and hold below the 20-day EMA, the LUNA / USDT pair could fall back to the critical support at $ 22.40. This is an important level to watch out for because if it cracks, sales could intensify and the pair could drop to $ 18.

On the flip side, the pair could retest the all-time high at $ 45.01 if the bulls push the price above $ 40. A breakout and close above this level could signal the resumption of the uptrend.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your own research when making a decision.

Market data is provided by the HitBTC exchange.

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