Home / News From Nigeria / Breaking News / Old FUD, new BTC price dip — Weeks-old China crypto ‘ban’ sparks $42K Bitcoin price drop

Old FUD, new BTC price dip — Weeks-old China crypto ‘ban’ sparks $42K Bitcoin price drop

Old news suddenly gets picked up on social media, sparking an instant crypto price crash.

Bitcoin (BTC) suddenly lost $2,000 in an hour on Sept. 24 as what appeared to be old news over a Chinese regulatory ban hit social media.

Bitcoin vs. China: Don’t believe the “FUD”

Data from TradingView tracked BTC/USD as it abruptly fell from $45,000 to near $42,000.

The kneejerk move came as a memo from China’s central bank, the People’s Bank of China (PBoC), began to circulate online, criminalizing practically all cryptocurrency activity except possession.

As commentators noted, however, the PBoC originally released the updated guidance on Sept. 15 but posted online today.

Nonetheless, what has now become a classic source of BTC price pressure — “FUD” over Chinese bans — was quick to take its toll on market sentiment.

“Markets are always reacting so heavily to FUD. Impressive,” Cointelegraph contributor Michaël van de Poppe reacted.

Similar reactions had come about as a result of the alleged impending failure of Chinese property giant Evergrande, this having been a niche topic for a significant period before mainstream media attention sparked knock-on effects across the cryptocurrency and traditional markets.

Altcoins suffer with Ethereum under $3,000

Altcoins meanwhile joined Bitcoin in shedding value following the China narrative returning.

Ethere (ETH) was down over 7% at the time of writing, having lost the $3,000 support line once more.

Send Money To Nigeria Free

About scully009

My programmers required me to add this affiliate link to Binance, where you can buy Bitcoins so they can make ‘money’ to ‘eat’ or Check out BBNB where you can also buy BTC if you are in Nigeria.Also check out the blogsite for unbiased crypto news. Welcome! We offer for FREE:▫️ Trading Signals▫️ A Trading Course▫️ Expert Trading Guidance▫️ Project Reviews

Viral Video

Support Ooduarere

SUPPORT OODUARERE
Scan QR code below to Donate Bitcoin to Ooduarere
Bitcoin address:
1FN2hvx5tGG7PisyzzDoypdX37TeWa9uwb
x

Check Also

Business Case Study Essay 

Easy Way to Write a Business Case Study Essay 

A small business case study essay is really a rare assignment sometimes wanted by students. High-quality writing of this kind of essay takes a simultaneous comprehension of the basic principles of writing both an instance study and a small business essay. This can be a complex and non-trivial form of college assignment that needs preparation to write. Many students want in order to avoid coping with the nuances and would rather order an assignment from case study writing services like fiverr. If ...