China’s crackdown on social media weighs on Bitcoin interest

China’s crackdown on social media weighs on Bitcoin interest

Following a tumultuous few weeks of regulation, the largest cryptocurrency, Bitcoin’s, world’s focus shifted to Miami and Latin America. Searches for Bitcoin on China’s most widespread social media app WeChat stabilized between 1-3 million per day, a big difference from the peaks of more than 10 million that were seen in late May.

Baidu, which is China’s leading search engine, restricted searches for exchanges Binance, Huobi, and OKEx early in the week. Remarkably, large internet firms work under the observation of government and party officials. However, filtering out keywords isn’t always the most efficient solution, as searches for Binance App Download would still take users to the requested link. Additionally, the government has limited authority in these cases since most of these big exchanges, particularly Binance, are registered in other countries and have a limited physical presence in China.

It has to be mentioned that more effective was the silencing of cryptocurrency influencer accounts on micro-blogging platform Weibo. Moreover, many accounts were suspended with a message that they had violated relevant laws and guidelines. This can have a much more serious impact on the Chinese cryptocurrency community as influencers are often a main source of information.

Western Xinjiang issued a notice to suspend virtual currency mining enterprises

Two days ago, a district government in western Xinjiang issued a notice to suspend virtual currency mining enterprises. According to the report, firms engaged in digital currency mining must stop production on June 9 and report the suspension to a local reform commission. This resulted in significant declines in global hashing power, with Chinese-backed Ant Pool dropping by over 30%. In addition, the last month has seen a bevy of regulations against mining firms as China plans to try and meet carbon emissions goals.

The largest cryptocurrency in the world, Bitcoin, traded higher close to $37,000. Meanwhile, Ethereum, the second-biggest crypocurrency, traded at $2,448.34.

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