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Bitcoin could not climb higher than $ 41,000 amid another pressure from China. Latest reports say the People's Bank of China promised to continue imposing strict restrictions against cryptocurrencies, and many believe that this action is done to push competitors out of the market before the launch of the digital yuan.
Since 2017, the Chinese authorities have been carrying out the most intense persecution of cryptocurrency trading and mining. The main argument is the fraud, money laundering and overuse of electricity associated with the market. The People's Bank of China also introduced a series of regulatory measures aimed at monopolistic behavior of online payment platforms such as Ant Group Co. "All actions of the regulator are aimed solely at preventing serious financial risks, which should in the future lead to a reduction in the number of financial institutions with a high level of risk," they said. Deputy Governor Liu Guiping also proposed a new law on "financial stability", which is expected to put more pressure on the crypto market.
On a different note, Mastercard revealed this morning their plans to develop products and services related to cryptocurrencies. "We want to play a role in all directions because it is clear that digital assets are the most dynamic area that has been developing in recent years," CEO Michael Miebach said. He disclosed that the company will be collaborating with Consensys to accelerate the development of cryptographic applications and services for clients.
Miebach also said the company plans to launch services on stablecoins and central bank digital currencies.
Going back to Bitcoin, the unsuccessful attempt to consolidate above $ 41,100 clearly jeopardized the bullish potential that has been observed since July 20. Most likely, price will rise only after a break through and real consolidation above $ 41,100. If such a scenario happens, Bitcoin may reach $ 46,700 and $ 52,000. Support will be at $ 33,300, while the lower limit will be $ 29,200.
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