Bitcoin
$64,312.89+2.25%
Ethereum
$3,076.32+1.03%
Binance Coin
$559.25+1.77%
Solana
$145.24+5.33%
XRP
$0.50448689+1.00%
Dogecoin
$0.15256749+2.23%
Toncoin
$6.20-2.19%
Cardano
$0.46944681+4.37%
Shiba Inu
$0.00002277+0.77%
Avalanche
$35.09+1.74%
Wrapped Bitcoin
$64,439.30+2.24%
Tron
$0.11011793+1.08%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
01
HR
14
MIN
35
SEC
Markets

Bitcoin, Other Cryptos Fall After Weibo Blocks Rekindle Fears of China Crackdown

Concerns of a crackdown by Beijing have been weighing on the market over the past weeks.

By Kevin Reynolds
AccessTimeIconJun 5, 2021 at 7:15 p.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC
weibo
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The price of bitcoin and other cryptocurrencies fell Saturday morning after a large number of cryptocurrency "Key Opinion Leaders" (KOL) on Weibo were blocked, a move some are viewing as signs of a further crackdown on crypto by China's government.

  • According to a Twitter post by Chinese crypto journalist Colin Wu, accounts not involved in ads of exchanges have not been blocked.
  • Still, reports of the block, which hit around 5:30 a.m. ET, triggered a simultaneous drop in the price of most major cryptocurrencies. The drop you see in the following 12-hour price chart of bitcoin starting at that time was repeated again and again throughout the market.
weibo
weibo
  • The blockings have been independently verified by CoinDesk.
  • According a tweet by Dovey Wan, founding partner of crypto asset holding company Primitive Ventures, the blocked accounts are a mix of influencers, media outlets, miners and wallets.
  • "This time is much more widely cleansing it seems like, many industry players like wallets, individual influencers, media outlet, top traders and even meme accts are all shut," Wan said in a subsequent tweet.
  • The blocking of the accounts is rekindling fears of a crackdown on cryptocurrencies in China, concerns that have been weighing on the market over the past several weeks.
  • In recent trading, the price of every member of the CoinDesk 20 (with the obvious exception of stablecoin USDC) is down over the last 24 hours, ranging from Yearn Finance's YFI, 1.59% drop to NuCypher's NU with a 15.9% plunge.

UPDATE (June 5, 21:15 UTC): Adds confirmation of the blocks, Dovey Wan comments.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
ChinaWeibo