Bitcoin Cash (BCH) Leads the Decline for Cryptos, But There’s Support Down Below
Bitcoin Cash continues to slide lower, after breaking below the 200 daily SMA
Cryptocurrencies have resumed their decline once again, as the Chinese authorities continue the crackdown on Bitcoin mining. The two Bitcoin forks, Bitcoin Cash BCH and Bitcoin SV, are also suffering most from this, as they continue to lead the fall in the crypto market.
In May, a joint statement published on the People’s Bank of China’s WeChat account, and banking and internet industry associations said that financial institutions should not accept cryptocurrencies as payment or offer services related to them.
But China’s crackdown on cryptocurrency mining seems to be behind the fresh weakness. A report by news agency Reuters suggests that Chinese authorities have now cracked down on crypto mining activities in the southwest province of Sichuan. This means the regions of Sichuan and Inner Mongolia have both ordered the shutting down of all mining operations, which has forced miners to pack up and go elsewhere.
The 50 and 100 SMAs are waiting to provide support on the weekly chart
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