Weibo Corporation, an advanced social media platform for individuals to create, share, and discover information, recently suspended certain crypto influencer accounts, claiming vague laws and Weibo community regulations as reasons.
Chinese users on Weibo began to report that more than 25 accounts of influencers and media outlets involved in the crypto space became unavailable.
Clicking into their user IDs now shows the user doesn’t exist. Earlier, these accounts boasted significant numbers of followers and were active in addressing bitcoin, crypto projects, and decentralized finance.
Super4DeFi, one of China’s most well-known Weibo influencers owing to his long-standing participation in the community, Tweeted,
Weibo, the Chinese Twitter, has suspended many crypto influencers’ accounts, including my Weibo account. Feel free to follow me here. At least Twitter is more crypto-friendly.
Most of the suspended accounts had names that included words like “bitcoin,” “BTC,” “blockchain,” or “coin trader.”
This isn’t the first time Weibo has taken down accounts belonging to cryptocurrency influencers or companies. It previously restricted Huobi, OKEx, and Binance accounts, as well as the CEO of Binance.
After the news of the Weibo ban began to travel within the Chinese crypto community, Bitcoin’s price plunged by nearly 3%.
Chinese authorities have lately issued warnings against cryptocurrency trading, and Bitcoin mining activities have been restricted, putting downward pressure on prices. Bitcoin, the most popular cryptocurrency, is likewise suffering from technical levels.
On Sunday, bitcoin and most other prominent cryptocurrencies slumped on fears of a new crackdown on the industry in China, as well as a caution from Goldman Sachs Group Inc. that institutional adoption might take a long time. In the last 24 hours, Bitcoin, Ether, and the rest of the top 30 cryptocurrencies (excluding stablecoins) have dropped.
Despite this, Bitcoin continues to gain popularity in some circles. El Salvador President claimed he aims to make Bitcoin legal in the nation, while San Francisco-based Square Inc. claimed it would invest $5 million to develop a solar-powered Bitcoin mining plant.
However, A Goldman Sachs paper published on Saturday revealed that not everyone in finance is keen to step in, undermining the narrative of institutional acceptance. Timothy Moe, Global Investment Research, wrote: 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.
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