
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$93,571.00
5.73%$1,796.38
10.37%$2.27
8.05%$610.12
0.57%$152.00
8.78%$0.999907
0.00%$0.181907
11.01%$0.700002
9.42%$0.245612
-0.64%$1,793.92
10.31%$93,622.00
5.95%$14.90
11.46%$22.75
12.22%$2.88
25.21%$0.272641
10.09%$9.08
2.19%$0.0000137
9.19%$0.18518
7.78%$3.11
6.83%$2,154.35
10.26%$0.999889
0.01%$359.23
3.65%$84.44
6.44%$18.91
3.45%$4.11
9.12%$4.58
3.02%$0.999871
0.01%$1,796.64
10.32%$0.999597
0.08%$0.665301
4.63%$227.01
4.69%$28.46
0.22%$1,914.36
10.90%$0.00000917
13.31%$93,599.00
5.78%$6.00
11.76%$5.34
9.18%$52.25
2.33%$2.48
12.65%$0.933375
8.69%$23.81
2.69%$333.92
2.54%$5.17
10.17%$32.93
2.92%$16.94
8.49%$1.058
0.73%$0.091748
11.44%$164.47
11.90%$1.00
0.00%$0.09452
1.70%$0.707459
6.05%$4.60
5.23%$0.0261157
10.27%$1.17
0.14%$4.36
6.47%$93,592.00
6.04%$0.220363
1.48%$0.34214
16.46%$0.217833
12.44%$9.28
8.84%$4.23
0.12%$2.72
8.13%$2.83
12.43%$0.518261
8.42%$0.632449
7.32%$0.329726
9.74%$0.999091
0.05%$4.14
5.29%$93,274.00
5.56%$0.463093
13.79%$10.30
3.81%$158.97
8.51%$1,497.35
7.82%$0.756642
9.68%$0.804862
6.78%$0.07784
8.03%$0.00001584
22.56%$1.17
10.37%$0.641118
39.37%$0.865952
10.80%$1,796.06
10.60%$1.066
0.81%$0.01682531
4.59%$1,871.51
10.71%$71.57
5.49%$0.666569
5.64%$3.73
3.30%$0.193671
7.83%$1.00
0.11%$9.54
11.96%$15.80
6.84%$0.674014
9.06%$1.00
0.02%$0.091001
8.47%$2,022.62
10.40%$0.99997
0.02%$3,347.08
-3.77%$1.00
0.04%$92,976.00
5.87%$0.01648985
15.88%$610.00
0.53%$3,352.12
-3.64%$195.69
8.86%$2.63
12.09%$0.01711307
7.74%$93,568.00
5.94%$167.89
8.91%$0.297628
8.75%$0.807512
10.75%$0.193772
12.75%$1,909.05
10.27%$3.87
12.62%$0.119508
5.35%$0.693095
10.16%$0.997752
0.01%$0.0000687
16.92%$0.664038
3.47%$0.01899928
11.30%$0.398745
6.66%$0.00000064
4.27%$93,655.00
5.72%$0.99895
-0.01%$2.00
3.30%$0.48999
12.83%$30.77
5.40%$0.24746
10.36%$1.88
9.28%$1.11
1.63%$0.00634199
10.63%$0.310796
3.60%$17.17
12.07%$1,877.94
10.33%$3.49
4.73%$0.540787
6.49%$0.154331
8.81%$0.558178
27.91%$33.32
7.89%$0.554505
4.45%$0.556271
17.66%$0.202786
66.14%$0.77792
33.53%$0.998342
-0.05%$91,917.00
5.40%$0.641248
9.34%$0.451657
8.42%$0.00861977
2.70%$94,547.00
-0.51%$0.067182
-0.52%$93,483.00
5.70%$0.181408
11.14%$0.999905
0.00%$1.69
5.76%$0.04690209
37.12%$1.31
4.89%$0.999906
0.00%$1,850.30
9.17%$2.10
6.30%$0.00002214
6.20%$15.57
9.98%$0.00693287
34.09%$0.147606
9.28%$1,793.55
10.24%$110.78
0.01%$6.00
9.62%$93,446.00
5.87%$6.46
16.70%$0.00000042
-1.04%$1.013
1.20%$2.53
10.41%$1.084
0.01%$0.507013
9.72%$3.67
6.63%$0.077636
8.32%$0.492342
22.17%$0.339185
21.50%$0.04132285
10.94%$1,795.09
10.29%$43.27
8.18%$1,795.30
10.29%$0.220106
1.32%$0.00725466
14.61%$1,911.37
10.32%$0.081466
7.32%$0.374974
22.99%$1.00
0.04%$1,796.04
10.39%$1.00
0.01%$21.81
-0.47%$0.569591
6.93%$0.0041877
5.36%$0.176102
3.64%$0.999121
-0.16%$0.00006365
5.43%$0.825353
5.39%$0.01728866
0.31%$1,835.71
10.02%$0.999005
-0.22%$0.999827
0.01%$0.119942
0.37%$0.03170327
1.09%$0.313984
40.57%$0.00000154
17.35%$0.329674
7.89%$0.669774
19.20%$93,546.00
5.85%$2.70
8.17%$1.20
9.62%$114.09
8.29%$0.24032
8.67%$0.00435391
75.26%$1.00
-0.17%$26.73
6.51%$3.61
5.30%$0.139498
-0.43%$94,491.00
7.75%$1,775.13
10.23%$0.637079
9.56%$0.682687
-2.51%$0.99893
-0.06%$22.34
7.25%$0.272685
5.00%$2.87
4.49%$3,187.04
0.00%$0.00043577
-0.98%$1,888.60
10.50%$1,796.44
10.45%$0.188257
6.56%$0.112308
5.46%$0.513242
6.28%$0.0369858
3.72%$0.973616
15.22%$0.0028568
8.68%$15.38
10.10%$22.75
12.11%$0.0127038
6.87%$0.442932
6.23%$1,879.09
5.73%$0.733601
10.06%$0.02933745
4.99%$1.028
10.56%$0.00
13.77%$1,967.09
10.45%$2.25
6.89%$0.23803
19.78%$94,543.00
7.03%$1.00
-0.00%$1,953.85
10.34%$0.999547
-0.06%Reading
Just a day after Ethereum dropped below $2,000, the number one cryptocurrency has crashed below $30,000. Bitcoin is currently trading hands at $29,678, according to Nomics.
Though the reasons are myriad, a key factor behind the latest drop has undoubtedly been renewed pressure from China. Yesterday, the central bank told five of the country’s largest banks as well as payments platform Alipay to stop participating in any crypto-related business.
The order is specifically focused on limiting citizens from trading cryptocurrencies by blocking them from adding funds to exchange platforms and over-the-counter (OTC) desks.
Bitcoin mining has also been halted in various provinces throughout China. So far, Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan have all issued orders to halt mining. The bans appear to be the symptom of a broader announcement from authorities, reminding citizens that cryptocurrency is still banned in the country.
Market observers have also painted a bearish picture. Alex Krüger, a crypto analyst, confirmed that the space is “definitely [in] a bear market,” but added that “it could be worse.”
Another key metric that aligns with this picture is that of exchange inflows. When Bitcoin moves onto exchanges, it has historically preceded large periods of selling. Conversely, high outflows indicate that traders are moving their cryptocurrencies off of exchanges and to hardware wallets for safekeeping over the long term.
The CEO of CryptoQuant, Ki Young Ju, told Decrypt that if not a bear market, then the current activity may be “more like a series of corrections that would last a few weeks.”
With all things in crypto, however, this is just one signal in an ocean of noise. For now, though, bears have dominated the chatter.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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