BTC/USD is trading at $39287.8 lower since previous day close. The Bitcoin widely slid down on Wednesday after China imposed new rules & regulations over crypto currency trading. On Tuesday, the country banned financial institutions and payment companies from offering services related to crypto currency transactions & warned against speculative trading in Bitcoin. This not only dragged down the BTC/USD by 40% but also highly affected the other Altcoins. Earlier, the BTC/USD roiled down after Tesla CEO Elon Musk suspended to accept Bitcoin as a medium of payment due to environmental issues. Selling on rallied may be recommended on daily basis in BTC/USD.

ETH/USD is trading at $2651.55 much lower than Tuesday. A massive sell-off can be seen in Altcoins following the decline in Bitcoin after China imposed fresh restrictions on financial institutions towards providing services for crypto services like access to exchanges, clearing & settlement. This may result into further selling as investors will divert their funds to riskier assets like Gold. This adds on the crypto rout seen last week amid Musk’s tweet of suspending the BTC for car purchases keeping in check environmental concern. As seen in the chart, the ETH/USD crossed down the major support of Fibo level 61.8 with trading volume; which indicates further selling bias on daily basis.