This week has been a complete roller coaster for the cryptocurrency market after the new debate on the future of China. This was stated by Alejandro Zala, country manager of Bitpanda in Spain .
In conversation with Cointelegraph en Español, he pointed out that bitcoin and The main altcoins recovered a large part of the losses caused by the restrictive measures that the Chinese government announced on September 24, but they fell again last Monday.
“This resulted in a large volume of trading within of a descending wedge that the BTC has been forming since the beginning of September. The crypto market has increased purchases after the falls suffered after the Evergrande case, which indicates that investors are increasing their portfolio due to low prices. The Cryptocurrency Fear and Greed Index is just above 20 points, indicating extreme fear among investors ”, detailed.
“The price of Bitcoin It was moving in a range between 34,000 and 38,000 euros, with most altcoins following the same pattern. The announcement of the ban on cryptocurrency-related activities in China brought BTC back to the lows of the support level as the entire market lost billions in a matter of hours, ”he added.
China had already cracked down on cryptocurrencies multiple times before, and – according to Zala- prices were almost always down, but quickly recovered right after.
“Although the price drop was significant, it is worth noting that the long-term chain data remains firmly positive, which could indicate that this could be an opportunity to buy to the downside once the price of Bitcoin finds support, “said the Bitpanda executive.
He also said that Bitcoin’s market capitalization fell below € 800 billion, while its dominance came closer to 43%, as most altcoins suffered even more.
“Despite this, fundamentals remain strong and positive news continues to hit the market . Among them, the social media giant Twitter announced its plans to start with a Bitcoin tipping feature. With this new feature, users will be able to tip their favorite content creators with BTC ”, highlighted.
Ethereum, mining and price
On the other hand, Zala said: “The Chinese crackdown has wiped out the Ethereum Sparkpool mining pool.”
“Most of the major altcoins are trying to find support and are facing a sell off at the higher levels, suggesting that the market could remain in a wide range for a few more days . The price of ETH was rejected again from 2,700 euros and continues to struggle to reach superior resistance in a wedge formation ”, he specified.
“The ETH Sparkpool mining pool has announced that it has stopped accepting new entrants in mainland China. In addition, the organization has closed all its activities in China as of September 30. Based in Hangzhou, China, Sparkpool is Ethereum’s second largest mining pool, responsible for more than 20% of the network’s total hash rate. ”
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