Bitcoin price dips to $32.5K ‘consistent’ new China FUD

BTC/USD drops $1,000 almost immediately since China’s third-largest bank puts the cats among the pigeons in trading.
Bitcoin (BTC) shed $1,000 in moments on June 21 as new news from China succeeded in routing bulls once more.  BTC/USD 1-hour candle chart (Bitstamp). Resource: TradingView3rd largest Chinese bank warns about cryptoData out of Cointelegraph Markets Guru and TradingView revealed BTC/USD hitting nearby highs under $32,500 on Monday.The cause, which disturbed a day of retrieval from the other dip, appeared to once again come from China using a significant bank statement that supported it would not allow the use of its services for transactions linked to Bitcoin or even cryptocurrency.Involved has been China’s third largest bank, the Agricultural Bank of China. “The announcement emphasized that after relevant behaviors are discovered, accounts transactions will be instantly suspended, customer associations will likely be terminated, and relevant departments will be reported,” journalist Colin Wu reported on Twitter.The resulting volatility, while unnerving, suits behavior from previous announcements by China. The nation has become the source of aggravation for Bitcoin bulls recently as miners face a crackdown and officials reiterate the current limitations on cryptocurrency set up since 2017. Connected: Bitcoin cost will hit $450K at 2021, $135K is’worst-case scenario’ — even PlanBAs Cointelegraph reported, but many argue that the cost pressure is an overreaction, and that ultimately, Bitcoin will gain from a move away from Chinese reliance.Ah greater China FUD.Glad we are consistent.

“The Bitcoin network has only experienced the largest attack in its history,” Charles Edwards, CEO of asset manager Capriole, stated on Sunday. “The worst case scenario for a China mining ban has played out.”

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