Earlier this week, Fan Yifei, the deputy governor of the People’s Bank of China has warned that stablecoins like Tether (USDT) pose “risks and challenges to the international monetary system, and payments and settlement system”. Fan did not even spare Bitcoin (BTC) and called it a tool for speculation and a possible threat to “financial security and social stability.” 

Other than the FUD from China, several traders have been focusing on the unlocking of a large amount of Bitcoin at the Grayscale Bitcoin Trust as a possible bearish sign. However, market analysis by crypto trading firm QCP Capital said the event won’t have any “significant impact on the overall market outside of GBTC itself.”

Daily cryptocurrency market performance. Source: Coin360

On a more positive front, analyst William Clemente said that more than 50,000 new Bitcoin entities are coming on-chain a day and it is not only retail that has been buying. According to Clemente, whales have started accumulating and their overall holdings have increased by 65,429 BTC.

The big question for traders remains whether to buy in the current zone or wait for a further fall. Let’s study the charts of the top-10 cryptocurrencies to identify the possible path of least resistance.