Fear gripped the markets on the news that Chinese authorities had raided the offices of the leading cryptocurrency exchange Binance. This negated all the positive effects that had accrued following President Xi Jinping’s endorsement of blockchain technology. Though Binance denied reports of any raids, price action within the sector has remained subdued.
Naysayers will use these bearish moments to further spread panic among market participants by issuing outlandish targets on the downside. Peter Schiff believes that could plummet to $1,000 as it has formed a head and shoulders pattern. We, however, could not find the bearish pattern on the charts.
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