Old FUD, new BTC price cuts

Bitcoin (BTC) unexpectedly lost $ 2,000 in an hour on September 24th when seemingly old news about China’s regulation ban hit the social network.

Bitcoin vs. China: Don’t Believe in “FUD”

Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it fell abruptly from $ 45,000 to nearly $ 42,000.

The move comes as a memo from China’s central bank, People’s Bank of China (PBoC), to circulate online and criminalize virtually all cryptocurrency activity.

However, as commentators have noted, the PBoC originally issued updated guidance on September 3.

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However, what has now become the classic source of BTC price pressure – “FUD” for Chinese bans – quickly weighed on market sentiment.

“The markets have always reacted very strongly to FUD. Impressive, ”said Cointelegraph employee Michaël van de Poppe react.

There were similar reactions to the alleged impending failure of the Chinese real estate giant Evergrande, which is a relevant topic at a critical time before media attention. Mainstream media have a direct impact on the cryptocurrency market and the traditional market.

Ethereum affected altcoins under $ 3,000

Altcoins have now joined the value of Bitcoin after China rebounded.

Ether (ETH) is down more than 7% at press time after losing $ 3,000 support again.

The top ten cryptocurrencies by market capitalization traded up to 9% lower in the hourly timeframe.