Binance is one of the world’s largest cryptocurrency exchanges
here that Japan’s Financial Services Agency is planning to issue a warning against Binance for operating in the country without a license.
That has caused a tumble in the price of more prominent cryptocurrencies and Bitcoin fell to a low just under $8,700 earlier.
The dip in the last two days coincide with the inability of price to move above the 200-day MA (blue line) following the G20 meeting earlier in the week – in which a lack of coordinated regulation against cryptocurrencies was the main takeaway.
The current level it is testing is the 61.8 retracement level but the lows for the month near $7,500 would be the key support level for Bitcoin.