Market Wrap: Bitcoin Slides to Two-Week Low, Ether to Below $2K as China Reiterates Crypto Ban
China’s central bank announced Monday it had recently summoned several banks and payment firms to ramp up their crackdown on cryptocurrency trading, prompting several key market indicators to turn bearish Monday.
- Bitcoin (BTC) trading around $32,590.39 as of 20:00 UTC (4 p.m. ET). Slipping 7.88% over the previous 24 hours.
- Bitcoin’s 24-hour range: $31,744.99-$36,119.80 (CoinDesk 20)
- Ether (ETH) trading around $1,945.31 as of 20:00 UTC (4 p.m. ET). Slipping 12.21% over the previous 24 hours.
- Ether’s 24-hour range: $1,893.15-$2,276.16 (CoinDesk 20)
Bitcoin faces significant selling pressure in Asia
Monday’s sell-off was triggered by negative news in China once again. But the market is split on the severity of the renewed crackdown by the Chinese government.
The correction is “mostly driven by China FUD [fear, uncertainty and doubt] again,” Annabelle Huang, partner at Hong Kong-based Amber Group, told CoinDesk. “Hardly news, not that [banks and payment services in China] are really
