Over the weekend, the UK’s Financial Conduct Authority banned Binance, the world’s largest cryptocurrency exchange, from conducting any regulated activity in the UK. In the consumer warning, the regulator also advised people to be wary of adverts promising high returns on cryptoasset investments or cryptoasset-related products.
Bitcoin initially fell on the news, hitting a low of around $30,200 on Saturday before rebounding above $35,000 today.
Cryptocurrency bulls will look at the bounce off the psychological $30,000 support level as further evidence that the recent sell-off may have run its course. Some have also suggested that increased regulatory scrutiny is proof that the industry is maturing.
On the other hand, the regulatory clampdown in the UK could be viewed as a sign of things to come,
with the potential for further strict regulation from across the globe.
China has renewed its crackdown on the cryptocurrency industry in recent weeks,
with a focus on mining activity. Last week’s action to shutter mining activity in Sichuan province helped briefly send the price of Bitcoin below $30,000.Technical picture To the upside, a firm break of $35,000 could open the door to the 50DMA at around $38,600 before a test of the all-important $40,000 level.A break above $40,000 could then lead to a test of the 200DMA, seen around $43,600.
Bitcoin initially fell on the news, hitting a low of around $30,200 on Saturday before rebounding above $35,000 today.
Cryptocurrency bulls will look at the bounce off the psychological $30,000 support level as further evidence that the recent sell-off may have run its course. Some have also suggested that increased regulatory scrutiny is proof that the industry is maturing.
On the other hand, the regulatory clampdown in the UK could be viewed as a sign of things to come,
with the potential for further strict regulation from across the globe.
China has renewed its crackdown on the cryptocurrency industry in recent weeks,
with a focus on mining activity. Last week’s action to shutter mining activity in Sichuan province helped briefly send the price of Bitcoin below $30,000.Technical picture To the upside, a firm break of $35,000 could open the door to the 50DMA at around $38,600 before a test of the all-important $40,000 level.A break above $40,000 could then lead to a test of the 200DMA, seen around $43,600.