Bitcoin Falls a Bit, Concerns of Chinese Mining Closures
Posted on 06/21/2021
Over the hot-temp U.S. weekend, the price of Bitcoin fell. Bitcoin is recorded at 34,546.70 United States Dollar via Jun 21, 6:10 AM UTC. Some speculation on the reasons include greater regulatory rules and the theme of Chinese cryptocurrency mine closures. For example, the hashrate in China is dropping significantly as Bitcoin mines are being closed.
There is also talk of the trading pattern know as the “death cross”. The death cross can happen when the 50-day moving average drops below the 200-day.
On another note, Hong Kong-based Amber Group, a cryptocurrency financial services firm, has raised US$ 100 million in a Series B round. Investment bank China Renaissance led the round with participation from other investors including New York-based Tiger Global Management, Tiger Broker, Arena Holdings Management, DCM Ventures, Tru Arrow Partners, Gobi Partners, and Sky9 Capital. Coinbase’s venture unit (Coinbase Ventures) was involved in the latest fund raise and is also a previous investor.