Stock Market Today: Crypto Trouble

May 21, 2021, 7:27 pm EDT

Crypto Trouble

There are many reasons to know that all cryptocurrencies are in big trouble. 

  • US government IRS may require traders to report and pay tax on all cryptocurrencies like other investment
  • China’s government also begin to disallow crypto mining machine and begin to tighten up regulations on virtual currency
  •  Tesla Inc is no longer accepting bitcoin as a payment method for its electric cars

Technically, bitcoin may have short-term support of around 30,000. Its roll-over pattern may drag to 10,000 level for strong support. 

This is a form of the bubble bursting that forms in the past 12 years since 2009. It is almost exactly the beginning time of this bull market, March 2009. It reached its all-time high on March 13 2021 at 61683.86. The power of decentralized currency or under no regulation by any country made this digital currency skyrocketed into the sky. The future is unknown but it should be wise to jump in during a major downtrend recently. 

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