Bitcoin has been tumbling down and China has played its role in this phenomenon. There are many investors who have lost their money after the sharp decline in the price of Bitcoin. After the news of China’s ban on Bitcoin broke out, the price of Bitcoin suffered a harsh blow, dropping it by around $20,000. China increased its harsh behavior towards the growth of crypto after censoring the search results from various search engines in China.
It has been claimed by Colin Wu, a Chinese journalist that when popular crypto exchanges are being searched on engines, zero results have popped up. This leads to a direct conclusion that China has subdued and censored the growth of DeFi and cryptocurrencies in its nation. This also leads to the fact that China might completely shut out cryptocurrencies.
This is not the only step taken by China that is a memento of its strict stance towards crypto. First, China banned the usage of Bitcoin which led to a huge crash, and thereafter, recently, Weibo, China’s Twitter-like platform also did a similar thing. It has over 530 million active users which is a relatively high number for a country. Therefore, Weibo banned the accounts of all those users that were creating content based on cryptocurrency or related to crypto exchanges.
Two of the most popular Chinese search engines are Sogou and Baidu. These Chinese search engines have blocked any and all searched results that were related to Binance, OKEx, or any other crypto exchange. This can only mean that China is looking to oppose the growth of cryptocurrencies and to achieve this goal, it has implemented strict censorship.
Also, the officers from any of these exchanges have not made any public appearance on the current situation between China and crypto exchanges. This is the reason why anything cannot be said with surety but from the looks of it, it seems clear that China won’t be looking to declare crypto an asset class or give it official recognition.
This post was last modified on June 9, 2021 5:46 pm
TL;DR Breakdown DOT rallied yesterday.Resistance found around $19.5.Polkadot is set to retest $17 support again.… Read More
TL;DR Breakdown ETH spiked higher yesterday.Resistance found around the $2,750 mark.Ethereum currently retraces to set… Read More
TL;DR Breakdown XRP tested previous lows around $0.70 yesterday.Resistance was found at around $0.74 overnight.XRP/USD… Read More
If you have just stepped into the bitcoin trading world or desire to enter into… Read More
From the skyrocketing value, bitcoin is now entering into the mainstream and the most important… Read More