Crypto bulls had another terrible week for bitcoin and ethereum prices. Last week’s sell-off triggered by Elon Musk continued. It must have been a tough time for all investors who entered the market anytime since mid-February 2021.
BTCUSD hit multiple-month low on Wednesday, May 19, at $30,007.5. It quickly took off as bulls spotted a great buy-low opportunity. However, it turned out that it was way too early for the trend reversal.
Last weekend turned out to be extremely rough for crypto maximalists. This time the blow came from the Chinese government. After the meeting of the Financial Stability and Development Committee of the State Council on Friday, vice-premier Liu He stated
“We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”
Although vice-premier is not the critical person in the Chinese political system, and Liu He provided no details on the possible regulations, it was enough. The State Council is responsible for administering the financial sector, and this was one of the strictest declarations against cryptocurrencies in recent years.
Over Friday, Saturday, and Sunday BTCUSD lost 14.58% and ETHUSD dropped by 24.47%.
This week started with substantial gains in the cryptocurrency markets. BTCUSD is up 8.67% already trading around $38,000 and ETHUSD recovered 13.11% trading at $,2373.
It’s still difficult to say if it’s a trend reversal or a local retracement. The market may go either way and it’s up to you to choose the winning strategy. Good luck!
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