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New Delhi: Major cryptocurrencies fell sharply on Tuesday. Eight of the top 10 digital currencies lost 10-15% by 9:30 am IST. The crypto market took a hit after China blocked several cryptocurrency-related social media accounts. Record the outputs of cryptocurrencies added to misfortunes.
The prices of Bitcoin and other major digital tokens have halved from highs, eroding their weekly earnings. Meanwhile, China, where three-quarters of the world’s supply comes from, is cutting back mining and trade.
Several crypto-related accounts on China’s Twitter-like platform Weibo were blocked over the weekend, as Beijing stepped up its crackdown on Bitcoin trading and mining. Further action is expected, including linking illegal crypto activity in China more directly to the country’s criminal law. “Most of the major cryptos have seen a steady drop in prices over the past 24 hours. This drop was associated with low volumes, so this drop seems less likely to hold,” said Edul Patel, CEO and co- founder of Mudrex.
According to data from digital currency manager CoinShares, Bitcoin outflows reached $ 141 million in the week ending June 4, representing 8.3% of the net inflows seen this year. The cryptocurrency sector globally suffered outflows of $ 94.2 million last week, according to the data.
The Bank of England said on Monday that payments with “stablecoins” – a form of cryptocurrency usually linked to a traditional currency – should be regulated in the same way as payments processed by banks if they start to be regulated. widely used.
Giottus Cryptocurrency Exchange ViewBitcoin (BTC) and Ethereum (ETH), the 2 major cryptocurrencies, have reached 10% in the last 24 hours to reach $ 33,000 and $ 2,500 respectively. This follows a week of BTC consolidating in the $ 34,000- $ 38,000 range and dampened hopes of a rally that could have lifted the price above $ 40,000.
In terms of technical indicators, BTC’s hourly MACD is moving in the bearish zone, indicating the possibility of a further decline. Hourly RSI (Relative Strength Index) is below the 50 level. Bitcoin failed to stay above the $ 35.5K support area and it even broke the $ 34.2K support . The price is struggling to recover to this level currently.
Immediate resistance is now $ 34.2K. The main support levels to look forward to if the decline continues are $ 33.2,000 followed by $ 32,000. The main resistance levels are $ 34.2K, $ 35K and $ 36K.
The time is in UTC and the daily time is 12:00 to 12:00 UTC (The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor. before taking any position in the mentioned asset (s).)
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