The post China’s Crypto Ban Triggers BTC And Altcoin Price Drops appeared on BitcoinEthereumNews.com.

China reportedly banned individual crypto holdings, intensifying its crackdown and boosting the digital yuan agenda. Bitcoin fell below key support at $107K, with RSI nearing oversold territory and volume showing limited recovery. Altcoins like XRP, Solana, and Cardano posted deeper losses, while stablecoins held steady amid growing regulatory uncertainty.  On May 30, 2025, China introduced a new nationwide ban prohibiting the personal ownership of cryptocurrencies, including Bitcoin, according to a report by Binance. The updated policy expands earlier restrictions on crypto trading and mining, now outlawing even individual holdings of digital assets. The move signals a deeper commitment by Chinese authorities to centralize financial control and promote the adoption of the digital yuan, the country’s state-backed central bank digital currency (CBDC). Bitcoin Dips Below Key Support After China Crypto Ban Report Following the unverified report about China banning personal crypto holdings, Bitcoin’s price dropped sharply, confirming immediate market reaction. As shown on the 4-hour BTC/USD chart from May 30, 2025, Bitcoin declined to $105,488, falling below the 50-period Exponential Moving Average (EMA), currently positioned at $107,601.  Bitcoin Drops Below $107K as Market Reacts to China Crypto Ban Rumors. Source: TradingView.com The price fell over $2,000 from its local high earlier in the week. Selling pressure increased, and Bitcoin’s candles turned red consistently across the last sessions of May. The drop below the EMA reflects a break in bullish momentum, shifting short-term trend sentiment to bearish. At the same time, the Relative Strength Index (RSI) dipped to 38.36, below the neutral 50 level. This signals weakening buying interest, nearing oversold territory, which typically starts around the 30 level. However, with the RSI still above that zone, there remains room for further downside. Trading volume remains relatively muted despite the selloff, indicating that this price action may have more room to develop…

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Filed under: News - @ May 31, 2025 1:23 am