Gate.io’s Daily Market Trends（May 22）: Financial Commission strikes at bitcoin Cryptocurrency market dives again

2021-05-22, 06:33

As of 11:30am EST, bitcoin spot price closed at $37000.83 and ethereum spot price closed at $2356.62. Influenced by yesterday's message from China's Financial Commission to strengthen bitcoin mining and trading controls, the bitcoin price dropped downward in huge volume after 22:00 on the 21st, reaching a low of $33,503.89 U.S. dollars. After 5:00 on the 22nd, the Bitcoin price entered a rebound period, but the MACD indicator showed a clear lack of multi-party strength and weak rebound energy. As the recent cryptocurrency regulatory policy is risky, investors should pay attention to avoid risk, pay attention to their leverage and operate with caution.

At 10:00 pm on the 21st, the Financial Stability Development Committee of the State Council once again made it clear that it would crack down on bit mining and trading practices. After the announcement was issued, the price of bitcoin sank by $3,000 within an hour. This is another heavy-handed regulation since the central bank's announcement on May 19. Industry insiders point out that virtual currency regulatory measures in China may continue to escalate.

On May 21, the HKSAR government completed public consultation on legislative proposals related to the Anti-Money Laundering and Terrorist Financing Ordinance (Cap. 615) (AMLO), proposing to empower the SFC to restrict and prohibit the operation of licensed virtual asset service providers and their connected entities, while proposing that cryptocurrency exchanges need to obtain accreditation to operate in Hong Kong, with services limited to professional investors. After an interview, Philadelphia Fed President Harker said that the lack of cryptocurrencies poses a shock to the stability of the overall financial system. Further understanding of the cryptocurrency market structure is crucial to the implementation of cryptocurrencies.

Gate.io Spot Quotes (as of 11:30 BST)
BTC: $37,000.38 (-8.81%); ETH: $2,356.62 (-15.62%); DOGE: $0.3363 (-15.29%); SHIB: $0.00000751 (-22.63%); GT: $4.4850 (-22.01%); ADA $1.514 (- 13.31%)

Author: Gate.io Researchers: Charles.F & Gazer.C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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