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Cryptocurrencies Weighed Down on Tight Regulation Prospects – Bitcon Below $8000 -

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Feb, 05th 13:42

Bitcoin prices were on the backfoot, sinking to the lowest levels since November as a selloff sparked by fears over tighter regulation of cryptocurrencies deepened. Bitcoin is exploring the downside below $8,000.

Bitcoin and rival cryptocurrencies have been hit by a range of factors, including fears over tighter regulation and ongoing concerns over digital currency “Tether”  and its ability to collapse the bitcoin market.

The Chinese central bank reportedly said it would “tighten regulations” on Chinese people’s participation in overseas cryptocurrency transactions and ICOs. According to SCMP, cryptocurrency ads have also now vanished from the Baidu search engine and the social media platform Weibo, much as recently happened with Facebook.

Apart from regulatory moves around the world, the latest development spooking the market is the decision by major U.S. banks (like Bank of America, JP Morgan, citigroup)  to ban the use of their credit cards for cryptocurrency purchases. The U.K.’s Lloyds Banking Group followed suit on Monday.

On the technical charts, BTC/USD is trading in the red zone and slipped below the lower band of the Bollinger bands. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 29.14 and the MACD is below the signal line.

Trade suggestion:

Buy digital Put options between 7478 and 7320, valid until 23:00 GMT February 5th 2018