Bitcoin price drops to $32,500 as FUD news from China succeeded in routing bulls yet again
Bitcoin price dropped $1,000, while Ether collapsed below a key level at $2,000 for the first time in almost a month. ETH has hit an intraday low of $1,976. It all happened within a few minutes.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price dips to $32,500 on consistent new China FUD
Bitcoin price briefly hit a low below $32,500 but bounced back up a bit in the $32,700-$32,800 region. Other major altcoins are also continuously falling. In it, XRP is currently trading at $0.69. Dogecoin is trading at just $0.25.
The story of DOGE is even more tragic. In it, a Dogecoin-branded race car crashed into the wall during Saturday’s NASCAR race on its return to the track, finishing last and causing a temporary price dump on DOGE.
The #dogecar has crashed. ?
TV: NBCSN pic.twitter.com/eCb1PosOI3
— NASCAR on NBC (@NASCARonNBC) June 19, 2021
But DOGE is not in the spotlight today. The total crypto market cap has shrunk to $1.3 trillion. The cause of everything comes from China’s ongoing concern for the industry is believed to be the main headwind that is putting pressure on the market.
The cause of the confusion came from China through a statement by the major bank confirming that it will not allow the use of its services for Bitcoin or crypto-related transactions. Specifically, the Agricultural Bank of China, the third-largest bank in the world, publishing and then deleting a statement about banning customers that deal with cryptocurrencies.
WuBlockchain reported on Twitter as below:
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.
— Wu Blockchain (@WuBlockchain) June 21, 2021
This time, the Chinese banks’ statements are different from the previous ones. First, this is requested by the central bank. The second is by investigating past behavior. Then they repeated the government’s anti-mining. And finally, other banks may follow up. Now, this announcement has now been deleted for unknown reasons.
WuBlockchain just updated, they found the article before it was deleted:
“I found the article before the deletion of the Agricultural Bank of China and translated it using Google. The other is the previous statement of other banks in China. You can compare it by yourself.”
Source: WuBlockchain/Twitter
Source: WuBlockchain/Twitter
The former employees of the Chinese banking system expect the Central Bank of China to issue relevant documents tonight or recently, similar to those of the Agricultural Bank of China. This is why it was deleted.
China has become a source of headaches for Bitcoin speculators in recent weeks as miners face a crackdown and officials reiterate existing restrictions on the cryptocurrency since 2017.
You can see the Bitcoin price here.
Read more:
- PlanB, The Creator Of Stock-To-Flow (S2F) Model: Bitcoin Price Is Still On Track To Hit $135,000 By December 2021
- Bitcoin Price Is Down By A Sharp 5%, Sometimes Dropping To $33,400 When Mining Hash Rate Has Hit A New Three Month Low