Prime Cryptocurrency Costs As we speak: Bitcoin, Dogecoin, Polkadot Tank Up To 16% – Financial Occasions

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New Delhi: Major cryptocurrencies fell sharply on Tuesday. Eight of the top 10 digital currencies lost 10-15 percent by 9:30 am. The crypto market took a hit after China blocked multiple social media accounts related to cryptocurrencies. Record outflows from the cryptocurrencies that have been added to the problems.

Bitcoin and other large digital token prices have halved from highs, undermining their weekly profits. Meanwhile, China, from which up to three-quarters of the world’s supply comes, is restricting mining and trade.

Several crypto-related accounts on China’s Twitter-like Weibo platform were suspended over the weekend as Beijing cracked down on bitcoin trading and mining. Further measures are expected, including a more direct link between illegal crypto activities in China and the country’s criminal law.

“Most of the major cryptocurrencies have seen their prices decline steadily over the past 24 hours. This decline was associated with low volumes and therefore it seems less likely that this decline will continue, ”said Edul Patel, CEO and co-founder of Mudrex.

According to data from digital currency manager CoinShares, bitcoin outflows hit $ 141 million for the week ending June 4, representing 8.3% of this year’s net inflows. The cryptocurrency sector saw total outflows of $ 94.2 million last week, the data showed.

The Bank of England said Monday that payments made using “stablecoins” – a form of cryptocurrency usually tied to a traditional currency – should be regulated in the same way as payments processed by banks when they start to become widespread .

Giottus Cryptocurrency Exchange View
Bitcoin (BTC) and Ethereum (ETH), the top 2 cryptocurrencies, rose up to 10 percent in the past 24 hours to $ 33,000 and $ 2,500, respectively. This is due to a week of BTC consolidating in the $ 34,000 to $ 38,000 range and has dampened hopes of a breakout rally that could have brought the price above $ 40,000.

In terms of the technical indicators, BTC’s hourly MACD is trending in the bearish zone, indicating the possibility of a further decline. The hourly RSI (Relative Strength Index) is below 50.Bitcoin failed to stay above the USD 35.5,000 support zone and even broke the USD 34.2,000 support. The price is currently struggling to recover to this level.

Immediate resistance is now $ 34.2,000. The top support levels to look forward to if the decline continues are $ 33.2,000, followed by $ 32,000. The top resistance levels are $ 34.2K, $ 35K, and $ 36K.

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC


(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)

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