Is China Reversing Crypto Ban Leading Analyst Recommends Altcoins to Stack Before Huge Capital Influx
A wave of rumors on Twitter suggests that China may be lifting its ban on cryptocurrencies. Tech innovator Kyle Chasse announced on social media that Bybit is now allowing Chinese users to register on its platform. Previously, this offshore exchange had strictly prohibited Chinese users from joining.
In a recent development, Bybit, the third-largest offshore exchange, has unexpectedly opened registration and authentication for users in China. This news has sparked excitement as Chinese users were previously barred from accessing the platform.
Amid these rumors, analyst Dylan appeared on the Crypto Banter channel to discuss the news of China potentially unbanning cryptocurrencies. Bybit’s decision to allow Chinese users to register and authenticate on its platform suggests a shift in policy. This move has generated a positive sentiment among investors.
Dylan believes that this development is highly bullish as it indicates that a market previously closed off to cryptocurrency trading is now entering the scene. This influx of capital could lead to a surge in various cryptocurrencies, especially altcoins.
The analyst highlighted NEO as a cryptocurrency to watch, noting its recent pump on April 8th and 9th following Chinese news. He anticipates a potential rise in NEO’s value if it gains momentum.
VET is another cryptocurrency on his radar, with a projected 10% increase followed by an 18% move. These are promising opportunities in the Chinese narrative token space, and the analyst is eager to see how they unfold.
CFX, an established player in the Chinese narrative token sphere, has broken above its 50-day moving average, signaling a potential uptrend. News and technical indicators like this often precede significant movements in these tokens.
The analyst recommended keeping an eye on CFX due to its history of substantial gains. While past performance is not indicative of future results, CFX’s potential for growth is evident.
He briefly mentioned XIBA, a new meme coin similar to Shiba Inu, which he invested in early. With its market cap increasing from $250k to $1.4 million, XIBA could experience further growth if the Chinese narrative continues.
Overall, the potential unbanning of cryptocurrencies in China has sparked optimism among investors, with various altcoins poised for growth in this evolving market landscape.