Bitcoin is getting sold off in Asian trade, as regional stock
markets crash in the wake of the Dow’s huge falls overnight. Cryptos saw a brief rally earlier this morning as US stocks got
sold off into the close, with
Bitcoin rising 6% from its intra-day lows to back above
$US7,000.

But the selloff has resumed and a short time ago, Bitcoin was
trading at $US6,562: Bitcoin is trading at the lowest level since mid-November when
a corresponding
surge in Bitcoin Cash saw Bitcoin prices
fall below $US6,000. Bitcoin Cash hasn’t been immune from the latest selloff and has
fallen below $US1,000 — also for the first time since November.

As Bitcoin continues to break through key technical support
levels it indicates further falls to come, according to Greg
McKenna from AxiTrader. The chart below illustrates McKenna’s view of the latest price
action.

via Business Insider Australia “This could end up a full round trip back into the $US1850 /
$US2966 region,” he said. Most of the other major cryptocurrencies have fallen by between
40-70% over the last month, amid increasing scrutiny from global
regulators.

Overnight, UK bank Lloyd’s announced
that it would ban cryptocurrency transactions using credit cards
from the bank. That followed reports from China that authorities
have banned
access to both domestic and foreign cryptocurrency exchanges. Read more from businessinsider.com…

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