Bitcoin
BTC$16 240.61

-1.80%

Ethereum
ETH$1 174.73

-3.19%

Tether
USDT$0.999656

0.01%

Binance Coin
BNB$296.09

-5.68%

USD Coin
USDC$1.000129

0%

Binance USD
BUSD$1.000369

0.01%

Bitcoin price dips to $32.5K on consistent new China FUD


21 Jun 2021

#Bitcoin

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."


Related

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market
Bitcoin's extremely low volatility
Bitcoin's extremely low volatility

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.6% 88 $16 240.61 -1.80% 1.41% $312 124 680 527 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 86 $1 174.73 -3.19% 4.91% $143 756 826 010 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999656 0.01% 0.08% $65 340 189 558 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 65.2% 66 $296.09 -5.68% 15.44% $47 366 512 227 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000129 0% -0.01% $44 316 728 602 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $1.000369 0.01% -0.06% $22 395 787 629 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66.4% 75 $0.383432 -3.99% 9.04% $19 286 169 244 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 56% 88 $0.096021 -0.86% 27.21% $12 739 192 925 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.2% 81 $0.306128 -3.70% 0.94% $10 541 165 942 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68.8% 68 $0.822534 -3.82% 3.23% $7 184 273 125 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 63.6% 72 $5.18 -3.91% -0.19% $5 909 367 523 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000041 -0.01% 0.02% $5 660 340 456 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 64% 79 $0.052693 -0.83% 5.23% $5 357 648 670 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 66% 70 $72.15 -6.36% 19.41% $5 174 160 484 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.