Ethereum Classic price had a rally over 400% during the first days of May, creating a new all-time high at nearly $178. ETC has retracted by over 70% since then due to the cryptocurrency market’s collapse on May 16 and is currently trading at $71. ETC seems ready to resume its uptrend to surpass the all-time high reached last May 6.
After testing the channel’s upper resistance on May 6 at $0.000012, SAFEMOON has regressed 50% and is currently trading at $0.0000065. This behavior of Safemoon price has formed a descending parallel channel that keeps the digital asset bouncing between the trends lines in an accumulation phase.
BTC/USD has dropped $38,000 in response to headlines saying that China’s Vice-Premier Liu He said to “resolutely prevent and control financial risks.” The senior official added that Beijing will crackdown on Bitcoin mining and trading activities. More broadly, Liu added that the government will severely punish those conducting illegal financial activities.