Bitconnect Coin has been tumbling against its peers on news of restrictions from China. Nearly a week ago, several government agencies issued a joint statement banning ICO funding, which impacts trading activity among cryptocurrency exchanges.
This was followed by reports that the government is about to shut down major exchanges. However, these rumors have been dispelled as there has been no official word from authorities so far. Nonetheless, it has sparked liquidation among digital assets popular in China.
Bitconnect Coin is down nearly 1% versus bitcoin, which has been the first cryptocurrency to rebound off its lows following news from China. Price is edging slowly lower upon hitting near-term resistance at 0.00013 and might be setting its sights on the spikes down just above the 0.00011 mark. Volume has picked up earlier in the day but is subdued once more.
Against ethereum, Bitconnect coin is much lower at 2.47%. Price broke below a short-term consolidation pattern around the 0.0018 level to indicate that bearish pressure is kicking in. Volume has been sustained against this digital asset so there could be enough investor interest to sustain further losses. There’s near-term support at 0.0017 but strong momentum could spur a break lower.
Bitconnect Coin reached the Top 20 of altcoins recently. It is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.
This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network. This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900.
Bitconnect has a substantially high daily trading volume of $9.2 million, which is significantly higher than that of other rival cryptocurrencies. BitConnect Coin is currently the 12th largest cryptocurrency in the market and its liquidity could rise along with bitcoin from here.