Bitcoin on it's high rally didn't continued and took reversal from 52,800 due to bitcoin adoption in El Salvador and now its moving on 42,200. Market tried to catch up price but due to aspects of El Salvador bitcoin adoption and now FUD like china against BTC. It is yet not clear tends to further fall in price tp 38,000 as china enforce on bitcoin.
The market sell-off can be traced back to developments in China, where the central bank has issued a nationwide ban on bitcoin transactions, blaming fraud, money laundering and energy consumption.
China officials are also taking aim at bitcoin mining once again. Meanwhile, fears surrounding China’s debt-laden real estate developer Evergrande also seem to have spilled over into the crypto market.
The market sell-off can be traced back to developments in China, where the central bank has issued a nationwide ban on bitcoin transactions, blaming fraud, money laundering and energy consumption.
China officials are also taking aim at bitcoin mining once again. Meanwhile, fears surrounding China’s debt-laden real estate developer Evergrande also seem to have spilled over into the crypto market.