Bitcoin and most other top cryptocurrencies fell on Sunday on concerns that there may be a further crackdown on the industry in China and as a report from Goldman Sachs Group Inc. served as a reminder that institutional adoption may be a long process.

Bitcoin, Ether and the rest of the top 30 cryptocurrencies excluding stablecoins declined in the past 24 hours as of 1:40 p.m. in Hong Kong, according to pricing data from CoinGecko. Chinese social-media service Weibo suspended some crypto-related accounts — when trying to view them, a message comes up that says the accounts have been reported for violations of laws, regulations or Weibo rules.

Weibo’s media relations officer didn’t immediately reply to an email request for comment on Sunday. The micro-blogging service took similar action in 2019 when it suspended the accounts of exchange operator Binance Holdings Ltd. and blockchain platform Tron.

Chinese authorities have recently cautioned on crypto trading and Bitcoin mining efforts are being curtailed, which have put pressure on prices. Bitcoin, the largest cryptocurrency, is also struggling with technical levels, remaining below its 20-day and 200-day moving averages.

Bitcoin “remains vulnerable to a test of critical support at $29,000 with downside to risk to $20,000,” Evercore ISI technical strategist Rich Ross wrote in a note Friday. He said he’s a “seller” currently, with a $41,000 buy stop.

Bitcoin went on a furious rally at the beginning of the year, surging to almost $65,000 amid enthusiasm about institutional adoption, the idea that it’s a store of value akin to “digital gold,” and with endorsements from big-name investors like Paul Tudor Jones and Stan Druckenmiller.

(Excerpt) Read more Here | 2021-06-05 23:51:00
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