China Crashes The Crypto Market Again And Altcoins Lost 20% In Value
Last Updated on 22 June 2021 by CryptoTips.eu
Nathaniel Whittemore, who makes the excellent crypto podcast the Breakdown, resumed yesterday’s disastrous price action in the cryptosphere as follows:
China has to hold the record now for most number of times crashing the market with the same piece of news.
It comes as the Chinese central bank warned of possible regulation for crypto trading in the country, a statement is has indeed been repeating many times.
China has to hold the record now for most number of times crashing the market with the same piece of news. 🤣
— Nathaniel Whittemore (@nlw) June 21, 2021
People still react strongly to actions from China that create uncertainty so this is likely to reflect negatively on the bitcoin price.
Explained Ruud Feltkamp of crypto trading bot CryptoHopper.
China is rolling its own cryptocurrency and has every incentive to have as little competition as possible… I think we will see miners leaving China and relocate where there is spare or cheap energy.
16 cent Dogecoin
Many coins lost 20% of their value, and Dogecoin noted it’s 7th consecutive day of losses, going as low as 16 cents before recuperating back to 20 cents. Given that a FED president jokingly called it a Ponzi scheme just last weekend, the timing is surprising. Anyone who bought in at the top of 70 cents is experiencing quite the drop.
Down almost $200K in 1 single day with #dogecoin Guess who’s still not selling?!!! 🤲🏼💎💎💎💎 #dogearmy #doge 🐕🚀 pic.twitter.com/AhC6jVDMRY
— SlumDOGE Millionaire (@ProTheDoge) June 21, 2021
Analysts sees opportunities in it all as well though.
Last week saw a bit of consolidation with low trading volumes for the top cryptocurrencies. The volatility in prices seems to be low. Both BTC and ETH seem to be hovering around crucial support levels. The meme coin, Shiba Inu has lately been among the favorites for the investors and traders after its listing in Coinbase. Dogecoin is currently witnessing a selloff.
Edul Patel, CEO and Co-founder of crypto company Mudrex, commented in the Economic Times.
Situation right now 😭 #cryptocrash #Bitcoin #BTC #buythedip #dogecoin #Wazirx #Doge pic.twitter.com/E3lfGfhTSK
— Indra (Bitcoinaire - 0%) (@ProtonCluster) June 22, 2021
The good news this week for the short term traders is that the trading volumes have increased across the exchanges. It allows traders to place short-term swing trades.
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