With China sending more negative news to the crypto market, altcoins again suffer the most.
Bitcoin (BTC) fell from $ 41,760 to below $ 37,000 in half an hour, correcting further down. At 19:53 UTC it is USD 36,082 and is down 10% in one day. Meanwhile, Ethereum (ETH) fell 16% to USD 2,355 while several altcoins bleed even more.
According to Bybt.com, in the past four hours, trading positions worth $ 253 million in the crypto derivatives market have been liquidated in the crypto derivatives market.
China will take action against Bitcoin mining and trading activities to ward off financial risk, according to Reuters reportedciting the Committee on Financial Stability and Development of the State Council.
“The regulators’ new guidelines – they take them seriously, they want more enforcement.” Bobby Lee, Founder and CEO of the crypto storage provider Ballet, told Bloomberg. “But in terms of the rules, it’s the same with what is allowed and what is not allowed.” There is talk of tracking miners. The question is, can they all catch miners? “
By Matt Maley, Chief Market Strategist at Miller Tabak + Co, the mining problem isn’t really the problem.
“They say they are doing this to control risk-taking in their markets, but it really is a signal that China will not be a huge market for cryptos unless it is a PBOC controlled market.” he told Bloomberg.