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Bitcoin, Ethereum Crushed by Chinese Regulator Rumours

Bitcoin, Ethereum Crushed by Chinese Regulator Rumours

Nick Cawley, Strategist

Talking Points

- Bitcoin and Ethereum register double-digit losses on rumours

- Chinese Yuan (CNY) a driving force behind crypto-currencies

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC), Ethereum (ETH) Lead Crypto-Currencies Sharply Lower.

After a week of heavy losses followed by a steady recovery, the crypto-currency market was hammered lower on rumours Friday that Chinese authorities are banning trading digital currencies against the Chinese Yuan. According to the statement in Caixin, the authorities are not banning the virtual currencies themselves, just trade against the local currency.

Last weekend, Chinese regulators said that they have banned new projects from raising cash via ICOs.

Chart: Bitcoin (BTC) Price One Hour Timeframe (September 06 – September 08, 2017)

Chart by IG

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Losses were seen across the board during the sell-off, knocking around USD18 billion of the market’s capitalization. Asian trade has been dominated by Chinese Yuan in recent months with the Korean Won also high in the turnover statistics.

Market Moves/Top 8 Capitalizations – September 08, 2017

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--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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