May 19, 2021 20:11 GMTCrypto News
Bitcoin price drops 30% and reaches the head-and-shoulders measured move target of $33,400.
Ethereum price plunges below $2,000 for the first time since March 31.
Ripple price sliced through the psychologically important $1 and tested the April low of $0.874.
Bitcoin price plummeted for the fifth-straight day, taking the bellwether cryptocurrency down 29% on an intra-day basis and 50% from the all-time on April 14 of $64,899. Other cryptocurrencies suffered more extreme selling, with Ethereum collapsing 40% and others more than 50%.
The cryptocurrency derivatives markets were hit with over $8 billion in position liquidations over the last 24 hours due to margin calls. JPMorgan said the selling showed the “steepest and more sustained liquidation” in bitcoin futures since October 2020.
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China has banned banks and payment firms from offering cryptocurrency-related services even though the country continues to be a global hub for bitcoin mining.
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According to Reuters, three Chinese industry bodies issued a joint statement explaining that banks and online payment platforms cannot offer clients any service involving cryptocurrency, including registration, trading, clearing and settlement.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” the industry bodies said.
The industry bodies are the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.
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Bitcoin and other cryptocurrencies have seen a massive crash today which is bad news for investors.
The crash follows another hit to the cryptocurrency market after Elon Musk and Tesla said they would stop accepting payment using Bitcoin.
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The price of Bitcoin plunged below $40,000 for the first time in more than three months on Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them.
According to Yahoonews, the comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.
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Bitcoin prices continue to fall sharply today after a very tough week for traders and investors.
It comes shortly after Elon Musk and Tesla said it would pull purchases using the cryptocurrency due to its insane use of coal to mine it.