Make Kitco Your Homepage

Bitcoin sinks to 4-week low amid bearish chart, speculation on China crackdown on cryptos

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) Bitcoin prices are sharply down at midday Thursday. Some traders and crypto currency watchers are scratching their heads at the sharp downturn today.

However, the near-term technical chart posture for Bitcoin has become more bearish recently, amid a strengthening price downtrend in place on the daily chart. That is likely prompting keener selling interest. Also, there is talk China could be taking a harder line on crypto currencies. That country has reportedly taken steps to curb crypto trading despite recently saying it may start to use the blockchain technology more.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.