Bitcoin and other major cryptos are under pressure

Photo: Romina Amato/ Red Bull via Getty.

It’s not been a good day for bitcoin in Asia, nor for many of the other major cryptocurrencies.

According to website Investing.com, bitcoin is currently trading at $US12,960 on the Bitfinex Exchange, down from a high of $US14,300 struck earlier in the session.

Bitcoin 5-minute chart. Source: Investing.com

The latest bout of weakness coincides with reports that Chinese regulators are looking to clamp down further on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to Bloomberg, citing people familiar with the matter.

“While authorities banned cryptocurrency exchanges last year, they’ve recently noted an uptick in activity on alternative venues,” says Bloomberg.

The unnamed sources told Bloomberg that the Chinese government plans to block domestic access to homegrown and offshore platforms that enable centralised trading.

As seen in the scoreboard below, it’s not just bitcoin’s price that has come under pressure today, but most major cryptocurrencies.

Source: Investing,com

Bloomberg has more here.

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