Bitcoin down over 5% after China vows harsh crackdown on cryptocurrencies

Author: Justin Low | Category: Cryptocurrency

Bitcoin down over 5% to $42,300 currently

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It has been one way traffic for cryptocurrencies after the China headlines earlier, with Bitcoin down over 5% currently and erasing the gains from yesterday.

This isn't the first time we've heard such remarks by Chinese authorities but as they crack down hard on other sectors in the economy, they certainly would be capable of pushing forward with tougher restrictions on cryptocurrency-related activities domestically.

In any case, it is China once again dampening the mood in the crypto space and it wouldn't be the last time that would happen surely.

Looking at the bigger picture for Bitcoin:

The drop at the start of the week was contained by support from the 100-day moving average (purple line) so that will be the key line in the sand to watch once again over the coming days, in gauging if sellers have the appetite to run with the latest push.

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