Bitcoin price dips to $32.5K on ‘consistent’ new China FUD
Bitcoin is a famous cryptocurrency that has been in the news since the beginning of the year. It has gone up and down, but it is highly volatile and it is hard to predict its price. For example, few people predicted in mid-March that it would dip to $3,400 before rising again. The past year has been a roller-coaster ride for Bitcoin, although it has stabilized in recent months.
We are now seeing a new wave of China-based bitcoin exchanges placing a high degree of faith in their local authorities. The primary reason for this is that the People’s Bank of China (PBOC), in conjunction with the Chinese State Administration of Foreign Exchange (SAFE), is introducing measures to crack down on the use of digital currencies. This has resulted in a number of shut down exchanges over the past weeks, making bitcoin transactions that much more difficult. As things stand, the digital currency market has not yet recovered from the bloodbath of recent weeks, as the price now sits at just over $32,500 per coin.
On June 9, the cryptocurrency market experienced a major dump on Chinese exchanges after reports that China had banned all cryptocurrency trading. The price of Bitcoin dipped below $32,000 for the first time since March this year. And while some market observers believed that China’s ban was a temporary event, it appears that we may have underestimated the extent of the Chinese government’s desire to dampen the appeal of cryptocurrencies and their exchange rates.. Read more about china fud meaning and let us know what you think.
Bitcoin (BTC) lost ground on the 21st. June’s $1,000 was breached within minutes as new information from China silenced the bulls once again.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
China’s third-largest bank warns of cryptocurrencies
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit a local low below $32,500 on Monday.
The reason that brought the rally to a halt in the wake of a further decline appears to be coming from China once again, via a statement from a major bank that confirmed it would not allow its services to be used for bitcoin or cryptocurrency transactions.
China’s third largest bank, the Agricultural Bank of China, is involved in this case.
The statement noted that if related behavior is discovered, account transactions will be suspended immediately, customer relationships will be severed and relevant departments will be notified, reporter Colin Wu said on Twitter.
While the resulting volatility is troubling, it is consistent with the behavior of China’s previous statements. The country has become a headache for bitcoin bulls in recent weeks, as miners face a crackdown and officials confirm existing restrictions on cryptocurrencies that have been in place since 2017.
Related: Bitcoin price could reach $450,000 by 2021, $135,000 at worst – PlanB
However, as Cointelegraph reports, many argue that the price pressure is an overreaction, and that bitcoin will eventually benefit from no longer being dependent on China.
No more Chinese wall.
It’s good that we’re consistent.
– Paolo Ardoino (@paoloardoino) 21 June 2021
The Bitcoin network has just survived the biggest attack in its history, Charles Edwards, CEO of management company Capriole, said Sunday.
The worst case scenario of a mining ban in China has already happened.Over the past few days, Bitcoin has taken a slight dip in price, dropping as low as $32.5K. This is not surprising, as China has been having a bit of a FUD-induced panic and has been spreading rumors about banning Bitcoin exchanges. As speculated by many, this has finally led to a drop in price.. Read more about bitcoin price crash and let us know what you think.
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