Please see the chart.
I am afraid that if the Bitcoin’s price breaks consistently the support level of 9950.00 and the 100 days Simple Moving Average just below, a lot of people will regret having been involved in this “thing” to start with.
(Bloomberg) — January is turning into a month to forget
for digital currency investors.
Cryptocurrencies are extending losses with Bitcoin headed
for its worst monthly slide since December 2013 on the last day
of January trading as U.S. regulators ramp up their scrutiny of
one of the world’s largest digital currency exchanges while
Facebook Inc. is banning ads tied to the industry.
Bitcoin is down about 31 percent this month, trading at
$9,817 as of 10:20 a.m. in Hong Kong, according to composite
pricing compiled by Bloomberg. Rival coins Ripple, Ethereum and
Litecoin are also down at least 2 percent, the data show.
“The regulatory oversight and the clampdown is really
coming to the fore right now,” Stephen Innes, head of trading
for Asia Pacific at Oanda, said by phone from Singapore. “I
don’t think we’ve seen the last of it.”
The U.S. Commodity Futures Trading Commission sent
subpoenas on Dec. 6 to cryptocurrency trading venue Bitfinex and
Tether, a company that issues a widely traded coin it claims to
be pegged to the dollar, according to a person familiar with the
matter who asked not to be identified discussing private
information. The firms share the same chief executive officer.
Facebook, meanwhile, will ban ads on its social network
promoting digital currencies, initial coin offerings and binary
options, warning they’re “frequently associated with misleading
or deceptive promotional practices.”
Cryptocurrencies are still reeling after a record $500
million heist from Japanese exchange Coincheck Inc. on Jan. 26,
further intensifying calls for increased oversight in global
trading hotbeds such as South Korea.