China Talks Tougher On Bitcoin Regulation

China Talks Tougher On Bitcoin Regulation

China Talks Tougher On Bitcoin Regulation

$BTCUSD $CME, $CBOE

Bitcoin slipped below the $11,000 mark as it emerged that China has called for more centralized regulation of blockchain, the underlying technology behind the cryptocurrency.

The speculative asset class had consolidated its position Monday after soaring above Key resistance just before the weekend, but dip sharply in the early hours overnight.

Currently, Bitcoin is trading at: 10,821.58, +86.52, or +0.806%, as of 5:13a GMT, the market is open.

Bitcoin drifted further away from the $12,000 mark Tuesday, as a popular cryptocurrency exchange faced allegations of insider trading and mishandling the launch of a new asset on its platform.

Tuesday morning, bitcoin BTCUSD, -7.04%  slumped 4.5% to $10,918.35 after hitting a high of $11,432.98 on the day. The # 1 digital currency was well off a 2-week high of $11,660.24 seen Monday, as it faces Key resistance at the $12,000 mark.

Currently, Bitcoin is trading at: 10,752.687500, -483.267578, or -4.301073%, as of 9:54p GMT, the market is open.

Traders were assessing the news that Coinbase, a popular cryptocurrency exchange, has been slapped with 2 class-action lawsuits, 1 of the lawsuits accuses the exchange’s employees of unfairly profiting from a December listing of bitcoin cash.

Despite the rejection of $11,500, Bitcoin is still ranged within $9,000 – $12,000, and closer to the Top.

The overall Bull market in Bitcoin is still in the up-trend phase

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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