Chinese Officials Continue To Pile On The Pressure; Bitcoin And Altcoin Sell-off Ensues |

bitcoin price 2

Bitcoin moves below $12,000

The sell-off resumed in Cryptocurrency markets on Tuesday as regulators refuse to let up in their talk about squashing the Bitcoin movement.

Bitcoin was down 15% while Ethereum, which has been on a stunning upward trend, was knocked back 22%, virtually eradicating most of its push in into Bitcoin’s market monopoly.

For Altcoins, it was even worse as infrequent top 10 coins like Tron (TRX) and Verge (XVG) have more than halved in value from their highs.

The weaker hands are clearly being purged from markets, and it is sad to see Regulators for fear of a bubble, popping a bubble, and hurting the consumers they are trying to protect.

China looking to guide Cryptocurrency innovators to “an orderly exit”

China is well documented as a nation who dislikes cryptocurrency, and it is easy to see why.

They have some of the tightest capital controls there are, and the thought that wealthy individuals are finding ways to subvert these and get money out of the country is clearly something that the Government will want to address.

A recent report from Reuters, indicating PBOC vice-Governor Pan’s comments about cryptocurrency is partly what has sent shockwaves across the exchanges, as the central banker indicated his unease with deviating from the central economy, something which China holds as more important than practically any other policy. The Reuters exclusive included the following excerpt,

“The financial work conference clearly called for limiting ‘innovations’ that deviate from the need of the real economy and escape regulation…Pseudo-financial innovations that have no relationship with the real economy should not be supported,”

This, when combined with news that South Korea is planning to impose some form of regulation on exchanges, has meant a cacophony of bad news on top of bad news.

It is hard to tell if Bitcoin’s relative resilience is due to investor denial, or actual strength.

I am concerned it is more of a hold on attitude than real strength, but investors from 8 years ago will know that ups and downs are really all part of the game up to this point, but fresh investors who have only seen green candles are unquestionably spooked at this point.



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