Bitcoin falls because of Weibo crypto restrictions, according to a Goldman CIO poll.

in image bitcoin illustration

in image bitcoin illustration

As of 1:40 p.m. in Hong Kong, Bitcoin, Ether, and the rest of the top 30 cryptocurrencies (excluding stablecoins) have all decreased in the past 24 hours, according to CoinGecko price statistics. When trying to see any crypto-related profiles on the Chinese social networking website Weibo, a warning appears that indicates the accounts have been reported for breaches of laws, regulations, or Weibo rules. 

On Sunday, bitcoin and several other leading 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.

An email request for information from Weibo's media relations officer was not responded to immediately on Sunday. In 2019, the microblogging service took similar steps, suspending the accounts of cryptocurrency exchange Binance Holdings Ltd. And blockchain platform Tron. 

In an announcement on Friday, Evercore ISI's technical expert Rich Ross writes, "Bitcoin remains susceptible to a $29,000 test of crucial support with risk disadvantage of $20,000." He stated he's presently a "seller" with a $41,000 purchase stop.

Bitcoin soared to about $65,000 at the opening of the year, fueled by excitement over institutional adoption, the concept that it may be used as a store of wealth comparable to "digital gold," and endorsements from big-name investors like Paul Tudor Jones and Stan Druckenmiller. 

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





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