Gate.io’s Daily Market Trends（June 22nd）: Several Banks In China Ban Crypto Related Transactions, Cryptocurrency Market Panic Increases

2021-06-22, 07:27

As of 12:00 GMT, Bitcoin‘s spot price was $34,669.30 and Ether’s price was $2,156.14. Prices in the cryptocurrency market plummeted on the back of announcements that several domestic Chinese banks and payment institutions have banned virtual currency transactions. The market panic index dropped to 10. On the one-hour time-frame, Bitcoin price fell $2,172.32. The MACD indicator shows a slight bullish divergence in the Bitcoin spot price. Ether fell more than Bitcoin today, and the Ether Gas fee also reached close to pre-October 2020 levels, limiting Ether's upward momentum.

China’s Central Bank said it had urged several banks and payment firms to ban customers from doing any crypto related activities. The Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Alipay, the mobile payments service under Alibaba affiliate Ant Group later announced that they would cut its payment service related to any virtual currency transactions.

Polywhale Finance founders have been accused of a rug pull during an abrupt shutdown on Monday. Over $1 million worth of tokens were transferred from the Treasury wallet to members’ wallets. The official Telegram group and Twitter account for the project have been shut down permanently.

Michael Saylor, CEO of MicroStrategy announced on Twitter that the company had bought another 13005 bitcoins, worth $489 million. By June 21st, MicroStrategy had spent $2.74 billion buying about 105,085 bitcoins, averaging at $26,080 per BTC.

Sotheby announced that they would accept cryptocurrencies such as Bitcoin and Ethereum as payment methods in their upcoming 101.38-carat pear-shaped D Flawless diamond auctions.

Author: Gate.io Researchers: Gazer. C & Charles.F
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