Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Falls to $35K on Warning of China Crackdown – eToro Crypto Roundup

by Powered by eToro
May 24, 2021
in Explore
OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

Altcoins suffer double-digit losses in marketwide meltdown.

Anxiety has washed over the crypto market, while cascades of selling push prices down to the same levels as before Tesla announced its Bitcoin treasury allocation.

Tweets from Tesla CEO Elon Musk have been widely blamed for giving the market jitters, which turned to full-blown fear as China called for a crackdown on Bitcoin mining and trading. The leading cryptoasset dropped to hit nearly $30K on the news, before bouncing back to over $35K.

Pulling Bitcoin down further, the U.S. Treasury called for stricter rules for crypto, and multiple exchanges suffered outages amidst the volatility. This caused carnage that swept over the entire market, with most altcoins flashing double-digit losses, and BNB and XRP falling around 50% over the last seven days.

This week’s highlights
  • China warns of crypto crackdown
  • U.S. Treasury seeks to toughen tax rules
China warns of crypto crackdown

Bad news from China will be a familiar theme to veteran traders, as announcements from Beijing sparked similar sell-offs in 2013 and 2017.

Nevertheless, news of China’s intentions to “crack down on Bitcoin mining and trading” hit the market like a ton of bricks. Rumors quickly spread that miners were preparing to leave the country, and selling both mining equipment and large amounts of Bitcoin.

At the same time, several market commentators were quick to point out the potential upside of the situation. MicroStrategy CEO and Bitcoin bull Michael Saylor tweeted that “a crackdown on miners in China would radically reduce the carbon footprint of Bitcoin mining” and would support progress towards sustainable solutions.

[the_ad id=”139408″][the_ad id=”139401″]

U.S. Treasury seeks to toughen tax rules

To match the news from China, the U.S. Treasury Department has called for stricter compliance to prevent the possibility of tax evasion. Specifically, the Treasury said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

Joining the chorus of critics, U.S. Federal Reserve chief Jerome Powell said in a video message that crypto poses risks to financial stability and that “greater regulation may be warranted.”

The week ahead

The weakened market sentiment is quantified by the Crypto Fear & Greed Index, which is now showing levels of panic not seen since the pandemic-induced crash of March 2020.

Some analysts see this fear as a buying opportunity, and Mike McGlone of Bloomberg Intelligence has even gone so far as to call the downturn a discounted bull market.

Yet at over 50% down from all-time highs, many traders are now likely to be cautiously watching for further developments in China before making the next move.

This post originally appeared on the eToro blog.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 

Featured Image: Shutterstock/Zita

Submit a Press Release

Industry Announcements

  • DeFiChain Forms Technical Committee To Further Decentralize the Consensus Code Governance
    May 23, 2022
  • LongHash Ventures Partners With Protocol Labs To Launch the Third LongHashX Accelerator Filecoin Cohort
    May 23, 2022
  • Swappi’s New Launchpad Feature To Bring IDOs to Conflux
    May 20, 2022
  • First Global Web 3.0 Eco Innovation Summit Comes to Singapore
    May 20, 2022
  • Wombat Soars to $40 Million in Total Value Locked While Still at Beta
    May 20, 2022
  • Babel Finance Used Collateralized eNote on FQX’s Solana DApp via Fireblocks
    May 19, 2022
  • Top Solana Play-to-Earn Contender DeFi Land Launches Its First Play-and-Earn Game
    May 18, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$29,263.00
$29,263.00
3.42%
Ethereum
$1,986.63
$1,986.63
2.77%
Cardano
$0.518253
$0.518253
4.74%
XRP
$0.408199
$0.408199
3.54%
Dogecoin
$0.083555
$0.083555
3.44%

Spotlight

  • Crypto Exchange Coinbase Unveils New DApp Wallet and Browser for Ethereum (ETH) Network
    May 18, 2022
  • CoinGecko Co-Founder Predicts More Bearish Price Action for Crypto, Says Next 12–18 Months Could Be ‘Challenging’
    May 21, 2022
  • Celsius CEO Issues Warning, Says Not All Stablecoins Are Created Equal – Here’s Why
    May 16, 2022
  • Ex-Fed Chair Ben Bernanke Warns Bitcoin (BTC) Faces Two Massive Risks That ‘Investors Should Be Aware Of’
    May 19, 2022

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX

© 2022 The Daily Hodl