The price of bitcoin has nosedived after fresh reports emerged that China has expanded its crackdown on the mining of cryptocurrencies. On Monday morning, bitcoin traded as much as 9 per cent lower before recovering slightly, New York Post reported. Later on Tuesday, the crypto dipped over 3 per cent to around USD 32,000, according…
Bitcoin fell below $30,000 for the first time in nearly five months as China’s latest crackdown on cryptocurrencies weighed. The world’s largest cryptocurrency fell as much as 6.4% to $29,614, its lowest since Jan. 27. As of 1232 GMT it was down 4.2%. The sell-off was sparked by the People’s Bank of China (PBOC) urging…
HONG KONG (Reuters) – Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China’s central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent the world’s largest token to a two-week low. Bitcoin was last up 3.17% at 32,600, having dropped more than 10% on Monday. Ether, the…
(Reuters) – For technical analysts watching bitcoin, an important and potentially bearish chart formation just happened in the cryptocurrency: A “death cross.” The formation could signal further losses ahead. Here are some details about what this is: What is a death cross? Technical analysts use the term “death cross” to describe when a short-term average…
China’s biggest banks promised Monday to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban. Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly…
China summoned officials from its biggest banks to a meeting to reiterate a ban on cryptocurrency services. Representatives from Industrial and Commercial Bank of China, Agricultural Bank of China and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank…
Just last week I argued that cryptocurrency is here to stay. Now I’d like to explain to some of my crypto friends why parts of the mainstream economics and financial world do not take them more seriously. To put it bluntly: Many of you do not understand monetary economics very well. There are two common…
(Reuters) – Bitcoin dropped 7% to $35,431.15 at 20:02 GMT on Friday, losing $2,666.53 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 45.4% from the year’s high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, dipped 8.66 % to $2,165.68 on Friday, losing $205.45…
Nayib Bukele, El Salvador’s populist, social media-savvy president, has bedazzled the ruby-red laser eyes that dot the Twitter profiles of Bitcoin fanatics. They’re cheering his decision earlier this month to hitch his country’s wagon to the cryptocurrency. Beyond the true believers, however, the reception has been chillier. And that’s what should be on his mind….
The view that Bitcoin is a hallmark of speculative excess and froth is still going strong, even after last month’s 35% plunge. About 80% of fund managers surveyed by Bank of America Corp. called the market a bubble, up from 75% in May. The poll, which captures the view of 207 investors with $645 billion…
