Chinese crackdown and Goldman Sachs memo are the latest elements hampering bitcoin recovery


Bitcoin fell below $ 35,000 on the evening of June 5 after an encouraging value of $ 37,000 recorded the same day. Cause? First, a Chinese social network that blocks access to cryptocurrency-related accounts. And then the American Goldman Sachs Bank Group issued a statement that Bitcoin had stopped attracting institutional investors. The fall, recorded on Saturday, followed potentially positive catalysts from El Salvador and Square Inc., which failed to allay investor fears over risks associated, in particular, with Chinese law.

Let’s take a look at these two bad news that are slowing down Bitcoin’s recovery.

Chinese social network Weibo blocks crypto influencers


Weibo (WB) blocked the accounts of some crypto influencers on Saturday, citing violation of unspecified laws and regulations of its community, according to Coindesk. However, according to the Chinese journalist Colin Wu, accounts that do not advertise on exchanges have not been blocked.

According to Business Insider, some Chinese authors were unable to access their accounts on the Chinese microblogging platform. And Weibo users could no longer see posts from these blocked influencers. The error message displayed indicates that the accounts have violated Weibo guidelines as well as government regulations.

Shortly before this, last month, Chinese Vice Premier Liu Hu said that China will “crack down on illegal securities-related activities and severely punish illegal financial activities.” Hong Kong said the cryptocurrency exchange must be approved by its market regulator. According to the new rules, which were announced after months of discussion, only professional investors with a portfolio of over $ 1 million will be able to use exchange platforms.

Goldman Sachs: BTC is the least preferred investment for CIOs

Techstory reports that Goldman Sachs’ Chief Information Officer (CIO) has published a list of the most and least valuable investments. He is organizing a roundtable attended by many of the CIOs of hedge funds and long-term investment companies. Among the least popular investments are new IPOs and bitcoin with negative sentiments of 25% and 35%, respectively. In addition, the American banking group still believes that BTC is an asset class that has been fueled by the FOMO syndrome that investors have been facing.

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