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Binance’s official account on China’s major microblogging website Weibo has been blocked. The account of the major global exchange was blocked on Nov. 13, purportedly due to violations of the site’s policies, Taiwan-based publication The China Times reported on Nov. 15.

At press time, Binance’s Weibo page is blocked, displaying a notice that the account has violated provisions of the Weibo Community Convention. All content, including Binance’s posts and the number of followers, is currently unavailable.

Cointelegraph has contacted Binance for a comment on the issue, but the exchange has not replied as of press time.

Binance’s plans to launch WeChat and Alipay fiat gateways could be a reason

Alongside insider reports about more stringent penalties for the industry in China, the action could also be caused by Binance’s launch of new fiat gateways in the country. Zhu Hongbing, chairman of Singapore Blockchain Technology Foundation, told The China Times that the suspension of Binance’s account on Weibo is connected with its initiative to accept fiat currencies through China’s payment giants Alipay and WeChat.

Binance CEO Changpeng Zhao (CZ) confirmed that Binance has started accepting fiat via Alipay and WeChat on Oct. 9. Following the announcement, Alipay stated that it will be banning all transactions identified as connected to Bitcoin (BTC) and other cryptocurrencies on Oct. 10.

Tron’s Weibo account is also blocked, while those of Huobi and OKEx are operational

The Tron Foundation, the crypto firm behind the 11th biggest cryptocurrency Tron (TRX), has also had its Weibo account blocked. Meanwhile, the accounts of popular crypto exchanges Huobi and OKEx are still available at press time.

Launched in 2009, Weibo is reportedly the second-largest social media platform in China, often referred as the “Chinese Twitter.”

Earlier today, CZ claimed that President Xi Jinping’s endorsement of blockchain will inevitably drive the mass adoption of crypto. In mid-October, Binance launched peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan.

Cointelegraph By Helen Partz , 2019-11-15 16:44:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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