Update (1000ET): Bitcoin and Ethereum are rebounding strongly.
Bitcoin found support at $30,000...
And Ether bounced off $2000, and is back above its 100DMA...
Crypto markets are in freefall this morning after Reuters reported China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
It was China’s latest attempt to clamp down on what was a burgeoning digital trading market. Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.
https://www.zerohedge.com/crypto/crypto-markets-lose-over-800-billion-week-bitcoin-bloodbath-accelerates
