Anhui, in eastern China, has become the latest province to announce a sweeping ban on cryptocurrency mining, saying the move will help ease an acute power shortage over the next three years.
Regulators are getting anxious about how mushrooming ‘stablecoins’ – mostly dollar-pegged crypto tokens – could sow instability in wider financial markets more directly than already hyper-volatile cryptocurrencies like Bitcoin.
“In 2021 Q2, barring stablecoins, went to the native token of Chiliz, a blockchain services network for sports and entertainment providers. It grew by 403 per cent in terms of market capitalization in the quarter,” said Zebpay Trade Desk.
“This phenomenal growth came after the network partnered with over 20 sporting organizations, including the likes of FC Barcelona, Juventus and Atletico de Madrid. This was followed by an Indian-origin token, Polygon, earlier known as MATIC, which grew by 150% in the same timeframe,” it added.
Back home, homegrown crypto exchange Zebpay will start an SIP facility to enable investments as low as Rs 100. ZebPay launched a new app called ZEBB, which will offer users simple SIP options in Bitcoin and Ether.
Tech View by Giottus Cryptocurrency Exchange
Bitcoin (BTC) is the beacon of cryptocurrencies. Hundreds of cryptocurrency price actions are directly dependent on BTC. This one-way correlation between BTC and altcoins (other coins) makes it important to analyze and try to anticipate the price action of BTC and related indices.
The daily MACD indicator for BTC just gave signs of bearish divergence, while BTC also broke its fib support indicating a bearish sentiment overall. The RSI (Relative Strength Index), a measure of buying or selling pressure, is neutral for BTC at around 50.
BTC is making a small descending channel that can result in bullish movements over the long term if a breakout happens. BTC can bounce back at least once to make a dead cat bounce – a fake recovery that is transient.
For now, BTC is range-bound between $30k- $35K levels. A breakdown or breakout from here will further decide the movements of Bitcoin and the broader market.
Support: $30,600, $29,100, $27,500
Resistance: $35,500, $38,000, $40,000
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)