Bitcoin Crashes to 32k Amid China’s Crackdown and Death Cross
-
Bitcoin and other cryptocurrencies crashed heavily on Monday after China reinforced its crackdown on crypto
-
The world’s largest crypto by market cap fell as low as $31,700, a drop of over 7% in the last 24 hours
-
The cryptocurrency also formed the long-awaited death cross which could indicate that it may be set for further crash
Bitcoin and other cryptocurrencies suffered another major crash on Monday amid renewed crackdown from China.
The world’s largest cryptocurrency by market cap fell to $31,700 after People’s Bank of China ordered financial institutions to atop processing crypto transactions.
Other major cryptocurrencies such Ethereum, Dogecoin, XRP, and Binance coin also suffered the same fate.
This is the third time in the last month that China has announced some form of restrictions for BTC.
The Asian country also announced a crackdown on Bitcoin mining last month, claiming that the crypto asset serves as a financial risk.
Read also: Bitcoin Will Crash to $24,000- Rich Dad Poor Dad’s Robert Kiyosaki
Death Cross
After China’s announcement, the original cryptocurrency formed a death cross indicating that further decline could happen.
The death cross occurs when the 50-day moving average crosses and goes below the 200-day moving average.
At the time of this report, Bitcoin is trading at $32,400, a decline of 6.7% in the last 24 hours.
