Major Cryptocurrencies are trading lower currently, unable to recover from the sharp drop over the weekend. The drop was heralded by the potential scrutiny from Chinese regulators over bitcoin mining. Eight out of the top-10 digital tokens were trading with cuts at 9.40 hours IST.
Bitcoin had dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny. Cryptomining is big business in China, accounting for more than half of global bitcoin production.
China’s crackdown on cryptocurrency “mining” has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre.
However, the venture capital funds have already poured $17 billion this year into companies that operate in the space, according to data provider PitchBook. That’s by far the most in any single year and nearly equal to the total amount raised in all previous years combined.
“Last week saw a bit of consolidation with low trading volumes for the top cryptocurrencies. The volatility in prices seems to be low. Both BTC and ETH seem to be hovering around crucial support levels. The meme coin, Shiba Inu has lately been among the favorites for the investors and traders after its listing in Coinbase. Dogecoin is currently witnessing a selloff,” Edul Patel, CEO and Co-founder, Mudrex.
“The good news this week for the short term traders is that the trading volumes have increased across the exchanges. It allows traders to place short-term swing trades,” he added.
The Mumbai wing of the Narcotics Control Bureau (NCB) recently sought details from WazirX about an alleged drug dealer on its platform, but the cryptocurrency exchange said on Friday that the accused was not a WazirX user. NCB arrested Makarand Pardeep Adivirkar, aka Cryptoking, in Mumbai for allegedly using bitcoin to purchase LSD on the Dark Web.
