Price analysis 6/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin (BTC) dropped over $1,000 within a few minutes as news hit the stands that the third-largest Chinese bank, the Agricultural Bank of China, will not allow the use of its services for crypto transactions. 

Although the bank later deleted its anti-crypto statement, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin miners and this has resulted in the hash rate dropping to an 8-month low.

Daily cryptocurrency market performance. Source: Coin360

While this may be a negative in the short term, several analysts believe this is a positive development for the long term. “The ‘China-dominated’ Bitcoin mining era may be coming to an end,” said Alex Gladstein, chief strategy officer of the Human Rights Foundation. As mining activity shifts to other user-friendly jurisdictions, the network is likely to flourish.

Among all the bearish news and price action, MicroStrategy has disclosed the purchase of 13,005 Bitcoin at an average price of $37,617. This takes the firm’s total holding to 105,085 Bitcoin at an average price of just over $26,000 per Bitcoin.

Will MicroStrategy’s purchase attract other institutional investors and result in a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.