European and Asian stock markets continued the downward trend set on Friday by their US counterpart, while Crypto currencies continued to sell off heavily. Bitcoin looked for support around the $7k level.
<b>Bitcoin</b>
The original cryptoasset Bitcoin meanwhile fell to its lowest level in more than two months. What’s more, other digital assets like ripple and bitcoin cash have tumbled even further, now down more than 70% from their December 2017 peaks. The crypto bear market continues amidst regulatory scrutiny of the sector.
At the time of writing, Bitcoin was down about 10% to $7,300, its lowest level since November 15th of last year and, importantly, below its 200 day moving average.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/BITCOIN?src=hash&ref_src=twsrc%5Etfw">#BITCOIN</a> Update:<br><br>1. $6,000 for <a href="https://twitter.com/hashtag/BTC?src=hash&ref_src=twsrc%5Etfw">#BTC</a>.<br>2. Prediction made based on today's valuation date.<br>3. Currently in a descending channel.<br>4. Head & Shoulders + Bearish Symmetrical Triangle + Descending Channel<br>5. Good news is, after descending channel, we'll see uptrend. <a href="https://t.co/DvFcZrSDWj">pic.twitter.com/DvFcZrSDWj</a></p>— Eric Choe (@CryptoChoe) <a href="https://twitter.com/CryptoChoe/status/960505256214974464?ref_src=twsrc%5Etfw">February 5, 2018</a></blockquote>
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<b> China bans overseas platforms</b>
Meanwhile China expanded its crackdown on crypto trading even further with a full ban on offshore trading platforms for its citizens, as reported in an official statement by Beijing: “To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.”
“Overseas transactions and regulatory evasion have resumed though risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.”
The news comes after India had also claimed last week it was looking at crypto currencies with greater scrutiny.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Report: China Cutting Access to Overseas Bitcoin Exchanges, ICO Websites <a href="https://t.co/xIfzyO6Pay">https://t.co/xIfzyO6Pay</a> <a href="https://t.co/mcN1EKIyu8">pic.twitter.com/mcN1EKIyu8</a></p>— CoinDesk (@coindesk) <a href="https://twitter.com/coindesk/status/960499176940371969?ref_src=twsrc%5Etfw">February 5, 2018</a></blockquote>
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