Weibo is often referred to as China’s twitter and today, it has done one of harshest suspension of cryptocurrency accounts in history. A large number of cryptocurrency KOL accounts have been blocked.
Many are saying it may be a response to China’s new crackdown policy on bitcoin and cryptocurrencies. The ban includes China’s most famous DeFi projects and many famous traders as well.
One such trader says that banning cryptocurrency accounts in China is nothing new and he had his own WeChat account blocked as he chatted about cryptocurrencies on it.
Im in China. This aint nothing new. Crypto is NOT banned in China, but all forms of advertising are. So we often see accounts that offer some type of service blocked. I even had my Official wechat account blocked recently. So this is nothing.
So, is this a FUD or a buying opportunity? Well, we usually do not comment on price action but bitcoin is down from 37,800 to 36,200 dollars and altcoins are dropping at even faster pace due to increasing bitcoin dominance.
Interestingly, this news has come in when all cryptocurrencies had made hidden bullish divergence on 4H and were about to close above 21SMA which is usually seen as major hurdle. Just when this news got leaked on twitter, 21SMA acted as resistance and price went down the hill. That said, crypto coin investor still says there will be a pump soon. Here is the video.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.