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Bitcoin (BTC) lost $ 1,000 within minutes on Monday as news from China managed to route the bulls again.
1 hour BTC / USD candle chart (Bitstamp). Source: TradingView China’s third largest bank warns against crypto
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hit local lows below $ 32,500 on Monday.
The cause, which disrupted a day of recovery after another trough, appeared to come from China again via a major bank statement that confirmed it would not allow its services to be used for Bitcoin-related or trading transactions. cryptocurrency.
It was China’s third largest bank, the Agricultural Bank of China.
The statement pointed out that once the relevant behaviors are discovered, account transactions will be immediately suspended, customer relationships will be terminated, and relevant departments will be reported, reporter Colin Wu reported on Twitter.
Related: Bitcoin Price May Reach $ 450,000 In 2021, $ 135,000 Is ‘Worst Case’ PlanB
The resulting volatility, while annoying, matches the behavior of China’s previous announcements. The country has become the source of headaches for Bitcoin bulls in recent weeks as miners face a crackdown and officials reiterate existing restrictions on cryptocurrency in place since 2017.
Ah more China FUD. Glad we’re consistent.
– Paolo Ardoino (@paoloardoino) June 21, 2021
As Cointelegraph reported, however, many argue that price pressure is a typical overreaction and that ultimately Bitcoin will benefit from moving away from Chinese dependence.
Interestingly, reports that the Agricultural Bank of China announcement has since been suppressed are now starting to surface.
Ok guys. Looks like the bank deleted the notice just minutes after it was posted. https://t.co/6YrXyVthOm pic.twitter.com/PCbVIQYUru
– 8BTCnews (@btcinchina) June 21, 2021
The Bitcoin network has just suffered the biggest attack in its history, Charles Edwards, CEO of asset manager Capriole, said on Sunday.
The worst-case scenario for a mining ban in China has now been played out.
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