Cryptocurrency Trading News: Bitcoin and Altcoins in Depressing State

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Cryptocurrency Trading News

ForexMinute.com – Last 24 hours didn’t bring any good news for the cryptocurrency market as the major digital coins remained in their PBOC-stricken gloomy state. And it is not just these 24 hours that have bestowed Bitcoin and altcoins with their wicked blessings, but the last four days have been quite bumpy almost for every cryptocurrency.

The market was further depressed after the news of Chinese Bitcoin exchange BTC China, announcing to halt their RMB withdrawals, came to wire. Showing no signs of improvements as per this time of writing, we are hoping that time will once again heal the marks of PBOC rulings against Bitcoin exchanges in China.

For those who were enjoying their summer vacations in Antarctica, PBOC has earlier warned commercial banks and third party payment providers to stop doing business with digital currency exchanges. The central bank had also issued a deadline of April 15th which, like we mentioned earlier, passed like a peaceful bee, indicating that may be the ruling was just a rumor.

**relatedarticle**

Few days back, Chinese finance news website Caixin posted a report that mentioned an alleged meeting between PBOC officials and China’s commercial banks’ representatives. To know what happens after that, read this article from the start.

Here is the market report of the last 24 hours in the cryptocurrency clan.

BTC/USD
The last reported fall in the BTC/USD price chart is around 4%, following which the pair is currently trading at around $427. The figures look as disturbing as some graphical horror because last week, the same BTC/USD pair had crossed the $500 mark. The sudden report of the Chinese Central Bank going strict on commercial banks for doing businesses with Bitcoin exchanges has seriously turned the market upside down.

Yesterday, the BTC/USD was trading steadily in its early trading hours, priced at around $455. A current drop, in which the value fell to around $438, was seen in mid hours that later formed a downtrend. This downtrend remained for the rest of the day, and the BTC/USD managed to close at around $430.

Litecoin, Dogecoin and other Altcoins also Fall
Replicating the Bitcoin price chart, Litecoin, along with the other altcoins, too shared the same fate. While the LTC/USD closed yesterday at around $9.928 from the peak value of $10.579, the Dogecoin’s DOGE/USD also fell similarly from $0.00046844 to $0.00042903.

At the time of writing, Litecoin and Dogecoin are priced at $9.852 and $0.0004381.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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