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Bitcoin price collapsed due to China



On Monday, June 21, positive sentiment prevailed in the financial markets. During the trading session, Brent crude oil was gaining momentum to storm the $ 75 per barrel mark. Monday for the North Sea oil rate ended at $ 74.88. After the correction of the last week, gold slightly increased in price, consolidating at $ 1,783. Most likely, this movement for the precious metal is of a technical nature, since the fundamental data are still on the side of the bears. In the foreign exchange market, the dollar was unable to gain a foothold in the positions it had won a week earlier and lost to most of the major currencies. However, the Russian ruble was unable to continue strengthening against the USD. This is due to fears about the introduction of new sanctions by the United States, which could threaten the normalization of relations with Russia. The USD / RUB pair consolidated above the level of 73 at the end of the trading session, the EUR / RUB held slightly above 87. We believe that the current week will not be the easiest for the Russian currency, however, we note that the ruble demonstrates resistance to turbulence on international markets. Cryptocurrency markets came under pressure during the June 21 trading session. Bitcoin continued to lose ground due to news of increasing pressure on miners from the Chinese authorities. The situation was somewhat smoothed by the news about the purchase of bitcoins by Microstrategy for more than $ 400 million. According to the CEX.IO exchange, the BTC / USD pair was trading near the value of $ 32,500, slipping by 6% to the opening price of the day. The decline in Ethereum turned out to be more sensitive, the ETH / USD pair lost more than 9% and consolidated at $ 1,937. We maintain a negative outlook for the current week and believe that investors will continue to be worried about the actions of the Chinese authorities in relation to crypto assets .______________ Yuri Mazur, Head of Data Analysis Department, CEX.IO Broker

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