Yesterday, the leading cryptocurrency surpassed a resistance level of $105,800, but it faced swift selling. Investor skepticism remained prevalent following Friday’s downgrade, leading to a lack of confidence in the resistance breakout. Now, China is issuing highly risky statements, potentially pulling cryptocurrencies downward.
Crypto News Update
Significant announcements from China emerged as this article was being prepared. Recently, we witnessed a rapid and unexpected agreement in Geneva that led to a sharp rise in the cryptocurrency markets. During this period, BTC’s price regained six-figure levels, and noteworthy gains were recorded in altcoins.
However, China is now asserting that the “US is undermining the agreement.” This situation is unfavorable for cryptocurrencies, especially as morale is already dampened after the credit rating downgrade.
“The US is undermining the agreement reached during the Geneva talks. The US’s chip export controls are damaging this. The US must rectify its missteps. We call on the US to stop its discriminatory practices towards China.”
Following the US’s move against Huawei chips, cryptocurrencies briefly tumbled, and now, with China’s statements, the situation is becoming complex again.
The Ministry of Commerce of China issued a statement regarding the US’s stance on Huawei chips: “If the US insists on harming China’s interests, China will take firm steps to protect its rights.”
