Crypto Market Update for June 21st, 2021 | Hold On For Dear Life!
Crypto Market Update for June 21st, 2021
The Bitcoin price is falling and it's taking the altcoins with it. Over the past few weeks, crypto has been getting hit from all directions with bad news. SEC regulations, tax laws, and of course China's Bitcoin mining ban which is set to take effect tonight at midnight. China never fails to take advantage of a good cryptocurrency crisis. This time I believe its motivation is to boost the adoption of the digital yuan.
By banning crypto mining in certain provinces China will weaken Bitcoin as it rolls out the usage of its state-issued digital currency. It only makes sense to eliminate the competition.
On the US front, I believe that the falling prices are part of a bigger issue. During the pandemic, a lot of people were looking for ways to increase their income passively so they gravitated towards the stock market and cryptocurrency. For the most part, that idea worked until the money supply started drying up. In two weeks most of the unemployment benefits in the US will end and people are scared. People are becoming more cautious about holding on to falling assets and they are selling them off causing the prices to fall even further. At the point where everyone that needs to sell has sold the market will bounce back.
I'm looking to buy in at around the $32k to establish a trading level.