In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin (BTC) dropped over $1,000 within a few minutes as news hit the stands that the third-largest Chinese bank, the Agricultural Bank of China, will not allow the use of its services for crypto transactions. 

Although the bank later deleted its anti-crypto statement, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin…