Cheesman also mentioned the death cross, which occurs when the 50-day moving average drops below the 200-day, but noted that “backtesting isn’t statistically significant” on the signal for Bitcoin.
The market value of all cryptocurrencies is about $1.45 trillion, as measured by CoinGecko, versus a high around $2.6 trillion last month.
The city of Ya’an in the southwestern region of Sichuan has promised the provincial authorities to root out all Bitcoin and Ether mining operations within one year, said a person with knowledge of the situation.
In addition, Edward Moya, senior market analyst at Oanda Corp., said Bitcoin was being pressured by the sudden drop by the Titan token to nearly zero — a stablecoin that had drawn even billionaire Mark Cuban.
“Bitcoin tumbled as the demise over the Titan token raised the pressure of regulators to deliver more protections for the public,” Moya said in an email Friday.