Chinese social media platform Weibo has started a crackdown against the multiple crypto influencer accounts. It has been disclosed that at least dozens of famous accounts operated by famous crypto influencers. The users of the accounts have received messages that they have violated the guidelines of the platform.
Furthermore, one of the journalists famous for his updates about cryptocurrency news from China, disclosed that those accounts which got banned had a substantial following. He revealed that most of the accounts that were banned involved in the advancement of cryptocurrency trading and investment to retail investors. According to Wu, the barred accounts consist of some of China’s biggest DeFi advocates and crypto traders.
In addition to this, Weibo has always taken action against cryptocurrency-related accounts. The platform doesn’t even stop banning the account of famous people. The platform has banned the official accounts of major cryptocurrency exchanges Binance, OKEx, and Huobi. Cryptocurrency investors are always experiencing negative news from China.
The Chinese government is engaged in telling the masses the risk related to the investment in cryptocurrency exchange. The country has also warned that cryptocurrency mining could be hindering the clean energy ambitions of the country.
Furthermore, the Bitcoin market has been pretty dull as of late. The world’s most precious digital asset changing hands in a fairly inflexible $35,000 – $39,000 range for the past week. The negative news coming out of China and Elon Musk’s sudden change of heart on Bitcoin are generally being debated in the cryptocurrency community as the main factors that have put a damper on cryptocurrency market sentiment.