Bitcoin and altcoins have been feeling the pressure of regulatory bombshells this week, with BTC price action steadying below the key 200-week moving average. Here are the most important points to know:
1. Regulatory crackdowns: Several countries, including China, have announced crackdowns on cryptocurrency trading and mining. This has caused a dip in the market, with Bitcoin dropping below $30,000 for the first time since January.
2. Altcoin struggles: Altcoins, or alternative cryptocurrencies, have also been affected by the regulatory news. Ethereum, the second-largest cryptocurrency by market cap, dropped below $2,000 for the first time since May.
3. BTC price action: Despite the regulatory pressure, Bitcoin’s price has stabilized around the $30,000 mark. However, it remains to be seen if it will break through the key 200-week moving average and regain momentum.
In summary, Bitcoin and altcoins are feeling the pressure of regulatory crackdowns this week, with BTC price action steadying below the key 200-week moving average. Investors should keep an eye on regulatory developments and market trends to make informed decisions about their cryptocurrency investments.