Bitmain and Cryptocurrency Market Predictors Censored by WeChat

Bitmain and Cryptocurrency Market Predictors Censored by WeChat

China’s ultimate messaging app WeChat has cut off Bitmain and other accounts related to cryptocurrency.

Bitmain’s official WeChat account: antminersale is not available on the platform as of yesterday, the 10th of September. But another Bitmain account: antminer_official is still up as of this time.

WeChat cites Bitmain’s antminersale account has infringed on conditions for its terms of use. Bitmain has not obtained the proper credentials or licenses; this is according to the messenger app’s search redirection notice.

Those who were also affected by WeChat’s recent crypto-related account censorships include Delphy (a decentralized oracle and market predictor), and Goldcoins (an account that delves in cryptocurrency market analysis).

This is not the first move WeChat has done to restrict or ban accounts associated with virtual money. In the recent past, it has suspended the accounts of CoinDaily and Huobi News. WeChat Pay has put to a stop to payments made to any transactions linked with crypto. Over thirty accounts have been terminated up until this time.

With China’s tightening ban, some of its local cryptocurrency traders and exchanges have found ways to bypass restrictions. China’s citizen crypto traders have resulted to the use of VPNs and some exchanges have moved their business operations out of the country.

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Bitcoin Tumbles while Gold Steady as China Data Shows Growth

The bitcoin price on Monday slipped below the $10,000 level as benchmark China data eased concerns about gloomy monetary outlook. The spot bitcoin rate was down 3.2 percent at $9,857.27 as of 02:15 UTC. The losses came as a part of a more significant downside action that began soon after the US President Donald Trump criticized bitcoin on Thursday. The rate since had dropped by as much as 25.34 percent on San Francisco-based Coinbase exchange. Bitcoin Price Down by 4.02% in the Last 24 Hours | Image Credits: In comparison, Gold – bitcoin’s rival asset – fared better. The precious metal’s spot rate on Monday dropped by 0.2 percent to $1,413.20 per ounce. The asset remained firm towards its interim bullish as it held above a critical pivot of $1,400 per ounce. It also received competition from a slightly stronger US dollar index that crawled higher against a basket of rival fiat currencies on Monday. Healthy China Data Bitcoin’s exponential and gold’s meager fall followed the release of China’s economic data. It showed a 6.3 percent growth in the industrial output against a 5.2 percent forecast. Moreover, Chinese investment into fixed-assets rose by 5.8 percent, surpassing analysts’ estimate of 5.5 percent growth. The data sent Chinese shares and Yuan higher on Monday. Following the midday break, the Shanghai Composite Index was 2,952.85 points, up 0.76 percent since the open. The CSI300 index also surged by 0.87 percent. Meanwhile, the Chinese Yuan surged against the US dollar to trade at 6.8721 by 07:00 UTC. The market believed both gold and bitcoin would surge against a string of supportive economic events, including an ongoing trade struggle between the US and China. A better-than-expected report from China allowed investors to do an intraday profit-taking but, according to Lukman Otunuga of FXT, at least gold is expecting to bounce back. The research analyst said: “Gold is waiting for a fresh directional catalyst. Today is a slow start for gold, but that doesn’t mean it’s going to be a slow week.” Bitcoin Still Strong Bitcoin, on the other hand, is faring better than gold in terms of year-to-date performance. The world’s leading cryptocurrency is currently up by more than 160 percent since January 1, which means its recent downside action could be a broader bearish correction adjusting an overbought bias. That is at least what Scott Melker of TexasWest Capital believes. The cryptocurrency trader said on Monday: “BTC is above 10k and everyone here is acting like it’s worth 10 dollars and a half-eaten happy meal. A few weeks ago 10k was a dream. We are over 3x from the bottom. Have some perspective.” $BTC Perspective Edition This is the $BTC weekly chart. We have been in a parabolic uptrend. Price went up a few hundred percent. That is represented in the blue box. The red box is the part of the chart that is sending everyone into a panic. Does this look so bad to you? — The Wolf Of All Streets (@scottmelker) July 15, 2019 As of 11:42 UTC, the bitcoin price was trading 5.02 percent higher at $10,350 on Coinbase exchange. Bitcoin Tumbles while Gold Steady as China Data Shows Growth was last modified: July 15th, 2019 by Davit BabayanThe post Bitcoin Tumbles while Gold Steady as China Data Shows Growth appeared first on NewsBTC.

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