Crypto prices fall, China’s pressure on the market and other important news of the week
Last week, the bitcoin price was constantly decreasing. First, it broke the psychological level of $8,000 and then fell lower than $7,000. The bitcoin was predictably followed by altcoins.
This decrease occurred following the backdrop of a series of negative news from China. At the very beginning of the week, the state TV channel CCTV1 aired a program where cryptocurrencies were severely criticized, being called a ‘financial fraud’ and an ‘illegal Ponzi scheme’. This was followed by the Central Bank of China’s document, containing measures to tighten the fight against cryptocurrency trading. However, the largest crypto exchanges Binance and Bithumb denied earlier reports of police raids allegedly taking place at the companies’ offices in Shanghai.
It is worth noting that, despite the price drop, the bitcoin Hash Rate almost reached a historical maximum. Moreover, daily volumes of bitcoin futures on the Bakkt platform set a new record, reaching $20 million, which is 30% higher than the previous record.
Significant news came from the Ethereum Foundation. Its representatives released the announcement of its Istanbul Upgrade, which is scheduled for Saturday, 7th December. This hardfork will be the last one in the Ethereum 1.0 network. The developers are then going to prepare for the transfer of the Ethereum network to version 2.0.
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