FUD From China and More?
BTC 4hr candle chart, approximately 10:30am ET, 9/24/21.
Today has been a hectic day for crypto markets. With China’s announcement of yet another cryptocurrency-oriented ban, BTC and the broader crypto market took a plunge, finding support strong support around $40,500 or so. China now is banning all cryptocurrency transactions after only months earlier taking a strong stance against cryptocurrency mining. It is also banning the facilitation of any type of trading from domestic and foreign exchanges.
Ethereum also took a strong dive after the news release.
Eth 4hr chart, approximately 10:45am ET, 9/24/21.
Ethereum took a plunge down to sub-2800 levels before finding support. However, there are other fundamental developments that could have also influenced this small flash crash. Today is the deadline in South Korea for new regulatory compliance and very few of these exchanges have made themselves compliant by this deadline.