Is China lifting the ban on cryptocurrency Leading analyst recommends investing in altcoins before a significant increase in capital
Twitter is abuzz with rumors of China potentially lifting its ban on cryptocurrencies. Tech innovator Kyle Chasse shared on social media that Bybit is now allowing Chinese users to register on their platform. This is a significant shift from their previous stance of strictly prohibiting Chinese users.
In a surprising turn of events, Bybit, the third-largest offshore exchange, has opened its doors to users in China for registration and authentication. This sudden change has sparked a wave of optimism in the market, hinting at China’s potential re-entry into the world of cryptocurrency trading.
Analyst Dylan, speaking on the Crypto Banter channel, delved into the implications of China’s rumored decision to unban crypto. With Bybit’s recent move to welcome Chinese users, there is a growing sense of bullish sentiment in the market. This influx of capital from a previously restricted market could have a significant impact on various cryptocurrencies, particularly altcoins.
Dylan highlighted specific cryptocurrencies to watch, starting with NEO, which recently saw a notable increase coinciding with Chinese news. VET is another token to keep an eye on, with potential for a 10% increase followed by an 18% move. CFX, a long-time favorite in the Chinese narrative space, is also showing signs of a potential upward trend after breaking above its 50-day moving average.
The analyst emphasized the importance of monitoring these tokens closely, noting their historical gains and the potential for significant movements based on news and technical indicators. For example, CFX experienced a substantial 210% increase in a short period, showcasing the token’s growth potential.
In addition to established tokens, Dylan mentioned XIBA, a new meme coin inspired by Shiba Inu, as a potential investment opportunity. The market cap of XIBA has shown steady growth, indicating potential for further expansion if the Chinese narrative continues.
Overall, the lifting of the crypto ban in China has sparked excitement in the market, with analysts and investors closely monitoring the potential impact on various cryptocurrencies, including altcoins.