Bitcoin and most other top cryptocurrencies fell on Sunday on concerns that there may be a further crackdown on the industry in China and as a report from Goldman Sachs Group Inc. served as a reminder that institutional adoption may be a long process.<\/p>\n
Bitcoin and many others in the top 30 cryptocurrencies excluding stablecoins declined in the past 24 hours as of 12:20 p.m. in London on Sunday, according to pricing data from CoinGecko, though No. 2 Ether was slightly higher.<\/p>\n
Chinese social-media service Weibo suspended some crypto-related accounts — when trying to view them, a message comes up that says the accounts have been reported for violations of laws, regulations or Weibo rules.<\/p>\n
Chinese authorities have recently cautioned on crypto trading and Bitcoin mining efforts are being curtailed, which have put pressure on prices.<\/p>\n
\u201cUncertainty about China crypto regulations are still a headwind,\u201d said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Sunday. \u201cSo far it\u2019s been pretty piecemeal, focusing on mining, new issuance, and retail influencers.\u201d<\/p>\n
Weibo\u2019s media relations officer didn\u2019t reply to an email request for comment sent on Sunday. The micro-blogging service took similar action in 2019 when it suspended the accounts of exchange operator Binance Holdings Ltd. and blockchain platform Tron.<\/p>\n
Bitcoin, the largest cryptocurrency, is also struggling with technical levels, remaining below its 20-day and 200-day moving averages.<\/p>\n
Bitcoin \u201cremains vulnerable to a test of critical support at $29,000 with downside to risk to $20,000,\u201d Evercore ISI technical strategist Rich Ross wrote in a note Friday. He said he\u2019s a \u201cseller\u201d currently, with a $41,000 buy stop.<\/p>\n
Bitcoin went on a furious rally at the beginning of the year, surging to almost $65,000 amid enthusiasm about institutional adoption, the idea that it\u2019s a store of value akin to \u201cdigital gold,\u201d and with endorsements from big-name investors like Paul Tudor Jones and Stan Druckenmiller.<\/p>\n
The cryptocurrency has retreated by more than $25,000 since then and was recently trading around $36,000. It\u2019s still up about 25% this year.<\/p>\n
\u201cWe are in a choppy range,\u201d FTX\u2019s Cheesman said. \u201cThe key level for the bulls to hold is $33,400 as it keeps the pattern of higher lows intact.\u201d<\/p>\n
In a development that undermines the narrative about institutional adoption, a Goldman Sachs note on Saturday showed that not everyone in finance is eager to jump in.<\/p>\n
\u201cWe held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds,\u201d the strategists led by Timothy Moe wrote. \u201cTheir most favorite is Growth style but least favorite on Bitcoin.\u201d<\/p>\n
Still, support for Bitcoin continues to grow in some quarters. In comments from a video broadcast at the Bitcoin 2021 conference in Miami, El Salvador President Nayib Bukele said he plans to make Bitcoin legal tender in the country, while San Francisco-based Square Inc. said it will invest $5 million to build a solar-powered Bitcoin mining facility.<\/p>\n
The project will be constructed at a Blockstream Mining site in the U.S. through a partnership with the blockchain technology provider.<\/p>\n
Separately, a video posted on YouTube on Friday that appears to be from the group \u201cAnonymous\u201d criticizes Tesla Inc. Chief Executive Office Elon Musk for a variety of reasons including his social-media commentary about Bitcoin.<\/p>\n
Musk, for his part, continued to tweet actively into the weekend about crypto and other matters.<\/p>\n
Bitcoin and most other top cryptocurrencies fell on Sunday on concerns that there may be a further crackdown on the industry in China.<\/p>\n","protected":false},"author":341034,"featured_media":383268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187],"class_list":["post-400423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/400423"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=400423"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/400423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/383268"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=400423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=400423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=400423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}