Due to the “consistent” New China FUD, the Bitcoin price fell to $32,500

Bitcoin (Bitcoin) Fell by $1,000 within a few minutes on June 21, as new news from China successfully led the bulls once again.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

China’s third largest bank warns of cryptocurrencies

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a local low of less than US$32,500 on Monday.

The reason for interrupting the day restore From another fall, it seems to come from China again through a big bank statement This confirms that it does not allow its services to be used for transactions related to Bitcoin or cryptocurrencies.

Involved is China’s third largest bank, the Agricultural Bank of China.

“The statement emphasizes that once relevant behavior is discovered, account transactions will be immediately suspended, customer relationships will be terminated, and the report will be reported to relevant departments,” reporter Colin Wu Report On Twitter.

The resulting volatility, although disturbing, is consistent with China’s previously announced behavior. In recent weeks, as miners are facing blows and officials have reiterated the existing restrictions on cryptocurrencies since 2017, the country has become a headache for Bitcoin bulls.

related: Bitcoin price may reach USD 450,000 in 2021, USD 135,000 is the “worst case scenario”-PlanB

As Cointelegraph ReportHowever, many people believe that price pressures are an overreaction. Ultimately, Bitcoin will benefit from getting rid of its dependence on China.

“The Bitcoin network has just experienced the biggest attack in its history,” said Charles Edwards, CEO of asset management company Capriole. Say on Sunday.

“The worst-case scenario of China’s ban on mining has now happened.”