On Thursday, September 24, by the end of the day the pair BTC/USD increased by another 3.04%, to $44865. Appetite for risk on other markets contributed to the growth of quotations. On Friday, buyers pushed Thursday’s high to $45200 and then the price collapsed by 9.5% to $40907.
The price of bitcoin fell $4293 after the Central Bank of China issued a statement on cryptocurrencies. The regulator released a new document outlining how it is tightening measures to further crack down on cryptocurrency trading.
All services allowing the exchange of fiat currencies, crypto-assets or exchange between crypto-assets themselves are now considered illegal activities in China. Offering cryptocurrency derivatives trading services is also illegal business in the country, including foreign exchanges that give access to the Chinese.
All week the news from China has been affecting the markets. The situation with China Evergrande Group remains uncertain. The company has an $85 million payout due yesterday and no information. Evergrande’s stock is down 7.84% today to HK$2.35. It has a 30-day grace period during which it can pay interest, but investors are nervous. Today, the Central Bank of China added fuel to the fire.
The BTC/USD pair is down about 76% to rise from $39600 to $45200. Most currencies and the SP500 futures are trading negative. Through the news factor, buyers are once again in a bullish trap. The recovery will have to start all over again when the decline stops. The other day on the weekend with such mood may sell up to $36 th.