Avalanche (AVAX) prices recovered on Sept. 22, paring a portion of losses that hit cryptocurrencies at the beginning of this week, led by worries about potential contagion in China’s housing market. The AVAX/USD exchange rate surged by as much as 12.05% to log an intraday high at $66.08. The pair’s gains came as a part of an interim rebound that started Tuesday after it bottomed out at a local low of $50.68. As a result, AVAX’s net rebound stretched by up to 30.37%. Cointelegraph’s VORTECS™ Score also flipped bullish ahead of the Avalanche token rally. The VORTECS™ Score is an …

Bitcoin (BTC) bounced from a second $40,000 retest on Sept. 22 as China calmed global market fears over Evergrande. China keeps up Evergrande cash injections Data from Cointelegraph Markets Pro and TradingView saw BTC/USD trading above $42,000 Wednesday, with bulls still defending the psychologically significant $40,000 mark. The mood remained buoyant among traders, but macro still provided mixed messages, while concerns focused on China and the coronavirus Delta variant. Evergrande, the second-biggest Chinese property giant, remained earmarked for a default on hundreds of billions of dollars worth of debt. China’s central bank, the People’s Bank of China (PBoC), pumped another …

As the prospect of Chinese property giant Evergrande defaulting on $305 billion worth of debt looms, pundits are weighing in on how the firm’s bankruptcy could impact the legacy and crypto markets. Speculation as to whether the real estate investment giant will default has coincided with a downturn across the crypto and stock markets, leaving many analysts divided on whether traders should be buying the dip or looking to take profits in preparation for further bearish momentum. At the time of writing, Bitcoin (BTC) is down by around 13% since the downturn started on Saturday, while the S&P 500 is …

Ethereum's native token Ether (ETH) rates may fall to a two-month low after it slid below support at around $2,954, based on a classic trading pattern. The $2,954 level represents a so-called neckline constituting a head and shoulders setup. In detail, the said support level appears to be a floor to three peaks, with the middle one (HEAD) higher than the other two (SHOULDERS). A breach below the $2,954 level signals a trend reversal, suggesting that ETH/USD may fall by a length equal to the distance between the head's peak and neckline. Peter Brandt, CEO of global trading firm Factor …

The cryptocurrency market faced a fresh round of selling on Sept. 20 as global financial markets fell under pressure thanks to fears surrounding the potential default of Evergrande Group, a China-based real estate company whose collapse could send ripples across equities markets. Data from Cointelegraph Markets Pro and TradingView shows that the early morning sell-off in Bitcoin (BTC) intensified into midday as the price dropped to a low of $42,493 before bulls managed to bid it back above $43,500. With fear on the rise and uncertainty spreading across the market, here’s what analysts are saying about the price move on …

Prices of Ethereum's native asset, Ether (ETH), slumped on Sept. 20 amid a broad sell-off in the cryptocurrency market, led by worries about a potential housing bubble crisis brewing in China. The ETH/USD exchange rate dropped as much as 12.52% to $2,911 on the Coinbase exchange, hitting its lowest levels since the beginning of August. Elsewhere in the crypto market, Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL) and other top tokens plunged in tandem. The drop imitated the mood in the broader market as United States equities plunged following a day of red in both the Asia-Pacific and …

Despite Bitcoin (BTC) dropping below the $43,000 mark on Monday, the outflow of BTC from exchanges has continued in a multi-month trend, particularly on Coinbase Pro. Over the past month, the amount of Bitcoin held in Coinbase Pro’s vaults dropped by 28,843.87 BTC. Similarly, other crypto exchanges, including Kraken, OKEx, Bitfinex and Huobi, also experienced a drop in their Bitcoin holdings, with the withdrawn amount totaling 30,236 BTC across the board. On-chain analysts perceive falling Bitcoin reserves as a bullish signal. That is primarily because most traders move their BTC assets to exchanges only when they prefer to trade them …

One of the reasons behind Bitcoin’s (BTC) volatility, the substantial price oscillations that occur regularly, is the discrepancy of its use cases. Some pundits deem it “digital gold,” a truly scarce and perfect store of value. Others consider Bitcoin a technology project or a type of software with a corresponding network. El Salvador’s adoption as legal tender will likely evidence the means of exchange functionality that the Lightning Network provides. The Layer-two scaling solution allows instant and insanely cheap transfers, although it requires regular on-chain transactions to enter or exit this parallel network. As these narratives about Bitcoin shift over …

Hebei, a province in Northern China, is its latest jurisdiction to read the riot act to crypto miners and traders. According to Reuters on Tuesday, the province's cyberspace commission has announced plans to curtail cryptocurrency mining and trading activities in the region. The move is in tandem with a broader anti-crypto policy in China that has seen most of the country's cryptocurrency mining establishment forced to relocate overseas. Indeed, these measures resulted in the largest hash rate drop in Bitcoin history as several miners were forced to go offline temporarily. In a statement by the commission quoted by Reuters, authorities …

A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point. The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had held substantive consultations with banks and payment systems and then the largest Chinese financial institutions were told to stop speculative trading — …

According to local sources, the Chinese government has released a series of statements denouncing the value of the nonfungible token, or NFT, market, even though two of the nation’s major tech firms are pursuing the technology. The story was first released locally by the Securities Times — a news publication service acting as a spokesperson for the official Chinese Communist Party outlet People’s Daily — and reported by the South Morning China Post. The remarks claimed that “it is common sense that there is a huge bubble in NFT transactions,” and that most NFT buyers who acquire with a financial …

A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region. Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the city-state, especially as it pertains to unlicensed trading, according to an English translation of an article published in local newspaper ETNet. She explained that, since crypto assets are not recognized as securities or payment methods, they fall outside the jurisdiction of the SFC. As a …