Bitcoin price dips to $32.5K on consistent new China FUD
BTC/USD sheds $1,000 almost instantly as China's third-largest bank puts the cats amongst the pigeons in early trading. Bitcoin (BTC) shed $1,000 in minutes on June 21 as fresh news from China succeeded in routing bulls yet again.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows beneath $32,500 on Monday. The cause, which disturbed a day of recovery from another dip, appeared to once again come from China via a major bank statement that confirmed it would not allow the use of its services for transactions related to Bitcoin or cryptocurrency. Involved was China’s third largest bank, the Agricultural Bank of China.
"The statement emphasized that once relevant behaviors are discovered, account transactions will be immediately suspended, customer relationships will be terminated, and relevant departments will be reported," journalist Colin Wu reported on Twitter.
The resulting volatility, while unnerving, matches behavior from previous announcements by China. The country has become the source of headaches for Bitcoin bulls in recent weeks as miners face a crackdown and officials reiterate the existing restrictions on cryptocurrency in place since 2017.
As Cointelegraph reported, however, many argue that the price pressure is a typical overreaction and that ultimately, Bitcoin will benefit from a move away from Chinese reliance. Interestingly, reports that the announcement by the Agricultural Bank of China has since been deleted are now beginning to surface.
"The Bitcoin network has just experienced the biggest attack in its history," Charles Edwards, CEO of asset manager Capriole, said on Sunday. "The worst case scenario for a China mining ban has now played out."
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84.8% | 27 | $63 955.55 | -3.64% | 3.87% | $1 259 281 241 035 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 75.6% | 50 | $3 135.39 | -3.61% | 4.31% | $382 668 925 881 |  |
|
| 3 |  USDT |
Tether predictions | 90.8% | 1 | $0.999972 | 0.01% | -0.05% | $110 460 385 592 |  |
|
| 4 |  BNB |
Binance Coin predictions | 86.4% | 19 | $612.50 | -0.10% | 12.17% | $90 398 087 486 |  |
|
| 5 |  SOL |
Solana predictions | 66.8% | 71 | $146.06 | -7.08% | 11.67% | $65 296 643 525 |  |
|
| 6 |  USDC |
USD Coin predictions | 92% | 2 | $1.000062 | 0.02% | -0.01% | $33 441 952 478 |  |
|
| 7 |  XRP |
XRP predictions | 68.8% | 62 | $0.523047 | -4.00% | 6.67% | $28 835 138 199 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 67.2% | 60 | $0.149810 | -7.03% | 3.43% | $21 576 699 602 |  |
|
| 9 |  TON |
Toncoin predictions | 70.4% | 66 | $5.29 | -8.34% | -12.00% | $18 370 555 699 |  |
|
| 10 |  ADA |
Cardano predictions | 63.2% | 72 | $0.469482 | -5.47% | 5.53% | $16 729 465 636 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 60.8% | 82 | $0.000025 | -7.53% | 14.25% | $14 689 490 721 |  |
|
| 12 |  AVAX |
Avalanche predictions | 67.6% | 68 | $35.24 | -9.77% | 3.30% | $13 322 592 836 |  |
|
| 13 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  TRX |
TRON predictions | 86.4% | 21 | $0.114643 | 1.09% | 4.64% | $10 039 749 051 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 88% | 19 | $0.114234 | 0.54% | 4.43% | $10 003 923 597 |  |
