The cryptocurrency market has entered the correction zone, reversing a strong rally. Bitcoin is losing ground.
Its quotes are approaching the level of $9,000 after hitting the monthly high. One of the reasons behind depreciation of most cryptocurrencies is the news from China.
Reportedly, the police of Tianjin city confiscated about 600 computers that were used for mining bitcoins. Beijing took the hard line on cryptocurrencies.
One of the PayPal founders Bill Harris also stood against cryptocurrencies, saying that the Bitcoin is a very convenient platform for fraudsters.
Along with bitcoin, other cryptocurrencies are also trading under pressure. Thus, ether plunged by over 8% and is hovering near the level of 618 dollars per coin. Analysts expect bitcoin to retreat from the level of 9,000 dollars while ether is likely to approach 610 dollars per coin. Other cryptocurrencies are also losing ground.
However, most experts predict that the corrective movement of the digital money will be limited as a tax period in the United States came to an end, so market participants will no longer pay taxes for transactions with cryptocurrencies. Despite that, bears have already taken control over the market.
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