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Bitcoin tumbled 14 per cent to its lowest level since early February after Chinese regulators intensified efforts to crack down on the use of cryptocurrencies by financial institutions. In a joint statement issued on the People’s Bank of China’s WeChat account, banking and internet industry associations said that financial and payment institutions should not accept cryptocurrencies as payment or offer services and products related to them. Virtual currency “is not a… Source link

Bloomberg China Puts Australia on Notice With Push to Diversify Iron Ore (Bloomberg) — Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its… Source link

Follow us @crypto for our full coverage. Bitcoin took investors on a wild ride Wednesday, plunging as much as 29% before cutting the drop in half in a bout of selling that drew attention across Wall Street and social media. The extreme volatility in an asset known for its swings caused outages on major crypto exchanges and at one point brought Bitcoin’s market value down $500 billion from its peak last month. The tumult elicited a tweet from Elon Musk and… Source link

Bitcoin, after struggling over the last week in the face of regulatory pressure and environmental concerns, has crashed under $40,000 per bitcoin. The bitcoin price, which started May at almost $60,000, has dropped under the closely-watched $40,000 level after it emerged China was redoubling its crackdown on bitcoin and cryptocurrencies in the country. Meanwhile, other major tokens ethereum, Binance’s BNB, cardano and the viral meme-based dogecoin also crashed back—dragging the… Source link

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Ethereum Ethereum rose by 2.82% on Tuesday. Partially reversing an 8.41% slide from Monday, Ethereum ended the day at $3,375.96. A mixed start to the day saw Ethereum fall to an early morning intraday low $3,241.06 before making a move. Steering clear of the first major support level at $3,064, Ethereum rallied to a late morning intraday high $3,567.40. Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,546 before hitting reverse. The reversal saw Ethereum… Source link

This year’s altcoin season is in full swing as more folks look for Monero price forecasts. Numerous coins at the bottom of the crypto list keep surprising with their all-time highs. Will Monero meet price predictions for 2021 and beyond? We’ll explain the basics of Monero for those who haven’t heard of this cryptocurrency. Then, we’ll compare its features with the biggest name in crypto, Bitcoin. More importantly, we’ll discuss whether your portfolio needs some XMR coins or not.

It has been a bad week for the crypto space. Elon Musk is widely believed to play a major role in crashing Bitcoin’s price by $12k when he tweeted that Tesla will no longer be accepting Bitcoin. He framed this backtracking as an environmental concern due to the high levels of energy consumption required in Bitcoin mining. As a result, this had a cascading effect on almost all altcoins with very few exceptions. To set the record straight, it is very difficult to portray Bitcoin as an… Source link

According to a report from CoinShares, the month of May marked the first time that there has ever been more investment product trading volume in Ethereum (CRYPTO: ETH) than Bitcoin (CRYPTO: BTC). What Happened: The report revealed that last week’s outflows were solely from Bitcoin investment products which accounted for $98 million in assets under management. While the $98 million represented just 0.2% of digital assets under management across… Source link