Bitcoin had dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny. Cryptomining is big business in China, accounting for more than half of global bitcoin production.
ReutersChina's crackdown on cryptocurrency "mining" has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre.
NEW DELHI: Major Cryptocurrencies were trading lower on Monday, unable to recover from the sharp drop on weekend, following the potential scrutiny from Chinese regulators over bitcoin mining. Eight out of the top-10 digital tokens were trading with cuts at 9.40 hours IST.
Bitcoin had dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny. Cryptomining is big business in China, accounting for more than half of global bitcoin production.
China's crackdown on cryptocurrency "mining" has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre.
However, the venture capital funds have already poured $17 billion this year into companies that operate in the space, according to data provider PitchBook. That’s by far the most in any single year and nearly equal to the total amount raised in all previous years combined.
"Last week saw a bit of consolidation with low trading volumes for the top cryptocurrencies. The volatility in prices seems to be low. Both BTC and ETH seem to be hovering around crucial support levels. The meme coin, Shiba Inu has lately been among the favorites for the investors and traders after its listing in Coinbase. Dogecoin is currently witnessing a selloff," Edul Patel, CEO and Co-founder, Mudrex.
"The good news this week for the short term traders is that the trading volumes have increased across the exchanges. It allows traders to place short-term swing trades," he added.
The Mumbai wing of the Narcotics Control Bureau (NCB) recently sought details from WazirX about an alleged drug dealer on its platform, but the cryptocurrency exchange said on Friday that the accused was not a WazirX user. NCB arrested Makarand Pardeep Adivirkar, aka Cryptoking, in Mumbai for allegedly using bitcoin to purchase LSD on the Dark Web.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.40 hours, IST on June 21, 2021)
Tech View by Siddharth Menon, cofounder & COO, WazirX
The potential stock market (Dow Jones) crash is currently haunting Bitcoin. It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days.
The creator of the stock-to-flow Bitcoin price forecasting models has mentioned that, even the "worst-case scenario" for Bitcoin would still see it trade at $47,000 in August. A slight reversal in September places the minimum target at $43,000 for that month, only to be followed by $63,000 in October — near current all-time highs.
ETMarkets.com
Things then heat up, with $98,000 on the cards in November and a giant $135,000 by the end of the year.
The author of "Rich Dad Poor Dad” who made most of his fortune from the 2007 housing market crisis mentioned that, "Biggest crash in world history coming. Buying more gold and silver. Waiting for Bitcoin to drop to $24 k. Crashes are the best time to get rich. Take care."
Reuters
However, the venture capital funds have already poured $17 billion this year into companies that operate in the space, according to data provider PitchBook. That’s by far the most in any single year and nearly equal to the total amount raised in all previous years combined.
ETMarkets.com
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