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Tuesday, June 22, 2021

Bitcoin’s prices decrease during Weibo’s crypto crackdown

On Sunday, there were concerns that more crackdowns are estimated to happen on the industry which is why Bitcoin along with some major cryptocurrencies decreased.

According to a data from CoinGecko, Bitcoin as well as the other top cryptocurrencies have decreased since 12:20 p.m in London. However, Ether proved to be higher, whereas stablecoins was not decreased at all.

Weibo – A Chinese social media service, has banned a few crypto accounts so when one wants to have access to them, a message follows up which says that the accounts are banned due to the violations of regulations, laws or Weibo rules.

”Uncertainty about China crypto regulations are still a headwind. So far it’s been pretty piecemeal, focusing on mining, new issuance, and retail influencers.” stated Jonathan Cheesman, chief of institutional and over-the-counter sales at crypto descendant trade FTX.

On Sunday however, Weibo’s media relations officer didn’t respond with an e-mail back to this request. A similar action on banning accounts has happened in 2019 as well, when the accounts of platform Tron and Binance Holdings Ltd. were banned.

Currently, even the biggest cryptocurrency Bitcoin is having issues with the moving 20 to 200 day averages with technical levels since it’s staying way below its usual movings.

As Evercore ISI technical strategist Rich Ross stated, Bitcoin ”remains vulnerable to a test of critical support at $29,000 with downside to risk to $20,000.”

Back at the beginning of 2021, Bitcoin experienced an intense contest, with an increase of nearly $65,000 due to the excitement for the institutional adoption.

However, since then, the cryptocurrency has fallen back by over $25,000 and just recently, the exchange was around $36,000 so it’s up by 25% in 2021.

FTX’s Cheesman mentioned that ”We are in a choppy range. The key level for the bulls to hold is $33,400 as it keeps the pattern of higher lows intact.”

The strategists that were led by Timothy Moe stated that ”We held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds. Their most favorite is Growth style but least favorite on Bitcoin.”

Despite all this, the support for Bitcoin is still growing in some places. During the Bitcoin 2021 conference in Miami, the President of El Salvador Nayib Bukele stated that he aims at making Bitcoin a legal tender in El Salvador. On the other hand, San Francisco-based Square Inc. also expressed their thoughts on investing $5 million in order to create a Bitcoin solar-powered mining facility.

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