Crypto exchanges blocked on Chinese social media as crackdown continues By Investing.com

© Reuters.

By Samuel Indyk

Investing.com – A number of major cryptocurrency exchanges failed to appear in searches on Chinese social media websites on Wednesday, another sign of China cracking down on digital assets.

According to CNBC’s Eunice Yoon, the Binance, Huobi Global, OKEx and Bitfinex crypto exchanges have been blocked on both Weibo and Baidu (NASDAQ 🙂 in both Chinese and English.

For Weibo, the searches read: “The results of this search are not available according to relevant laws and regulations”.

On Baidu, the search returned: “Sorry, no relevant results found”.

China’s crackdown

The lockdown on these sites appears to be the latest regulatory move by China, whose efforts to crack down on cryptocurrencies have picked up pace in recent weeks.

Over the weekend, a number of crypto accounts on Weibo (NASDAQ :), China’s Twitter-like platform, were banned or banned on the grounds that the accounts “violated laws and regulations”.

And all just weeks after the country’s Financial Stability and Development Committee recently announced that it would crack down on mining and trading activities.

It is estimated that around 70% of cryptocurrency mining activity is done in China and the crackdown has an impact on the price of some of the world’s most popular cryptocurrencies.

Since China stepped up its regulatory efforts and Tesla (NASDAQ 🙂 stopped accepting bitcoin as vehicle currency, bitcoin has struggled to climb, and yesterday bitcoin was trading at its lowest level since May 23.

While it rebounded back towards $ 35,000 today, there are fears that a failed break above $ 40,000 could cause momentum to collapse further.

In fact, the technical picture shows a – where the 50DMA crosses under the 200DMA – comes into view. Some analysts have predicted that if this happens, momentum could continue to weaken and the world’s largest cryptocurrency could make a solid break below $ 30,000 and possibly below.

Nonetheless, Bitcoin remains in a range between $ 30,000 and $ 40,000 for the time being, as it has been since May 21, apart from two brief forays above $ 40,000.

At 1:00 p.m. BST, Bitcoin is trading at around $ 35,100, up 6% over the past 24 hours.

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