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Both assets fell by double-digit percentages last week after Chinese officials set off alarms.
May 25, 2021 at 2:00 am UTC · 2 min read
The cryptocurrency market shows a steady rise after the big sell-off last week after many indicators turned bearish, but are we out of the rough patch yet? Last week, after the price closed below the 20MA (a popular indicator used by traders to assess the price momentum), there was a huge sell-off which saw Bitcoin prices fall by almost 40% in a single day, inciting panic in the market.
A lot of external factors also seem to have played a role in the drop, especially the ban on cryptocurrency mining announced by the Chinese government.
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