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Chinese social-media service Weibo suspended some crypto-related accounts Sunday. Bitcoin and many other top cryptocurrencies declined on the move. $WB took similar action in 2019 when it suspended the accounts of exchange operator Binance Holdings and blockchain platform Tron.

 

Weibo Page

Weibo Frontpage Sunday

Bitcoin and many other top 30 cryptocurrencies excluding stablecoins declined on Sunday, according to pricing data from CoinGecko, though No. 2 Ether was slightly higher

Bitcoin after rallying to almost $65,000  has retreated by more than $25,000 since then and was trading around $36,000 Sunday morning. It’s still up about 25% this year.

Chinese authorities have recently cautioned on crypto trading and Bitcoin mining efforts are being curtailed, which have put pressure on prices.  China regulations have been piecemeal, focusing on mining, new issuance, and retail influencers. 

About Weibo

Weibo Corporation is a Chinese social network company known for the microblogging website Sina Weibo. It is based in Beijing, China.

Source: CoinGecko

From The TradersCommunity Research Desk

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