Is China Reversing Crypto Ban Leading Analyst Recommends Altcoins to Stack Before Large Influx of Capital
Twitter is abuzz with rumors of China lifting its ban on cryptocurrency. Tech innovator Kyle Chasse shared on social media that Bybit is now allowing Chinese users to register on their platform. Previously, this offshore exchange had strict restrictions in place for Chinese users.
In a surprising turn of events, Bybit, the third-largest offshore exchange, has opened registration and authentication for users in China. This news has sparked excitement, as Chinese users were previously barred from accessing the platform. This development has led to a surge in positive sentiment.
Analyst Dylan, speaking on the Crypto Banter channel, discussed the potential implications of China’s supposed decision to unban cryptocurrency. He highlighted Bybit’s move to allow Chinese users to register as a significant clue. This shift could attract new capital into the market, potentially impacting various cryptocurrencies, including altcoins.
Dylan specifically mentioned NEO as a cryptocurrency to watch. He pointed out a recent surge in NEO’s price following Chinese news, indicating a possible uptrend. VET is another token on his radar, with expectations of a 10% and 18% increase in the near future. These Chinese narrative tokens present opportunities for growth.
CFX, a longstanding favorite in the Chinese narrative space, has also caught Dylan’s attention. The token recently broke above its 50-day moving average, suggesting a positive trend. Such alignments of news and technical indicators often lead to significant movements in these tokens.
XIBA, a new meme coin similar to Shiba Inu, is another token worth monitoring. Its market cap has seen substantial growth, indicating potential for further appreciation if the Chinese narrative continues to unfold.
Overall, these developments in the Chinese cryptocurrency market have stirred up excitement and optimism among investors. The potential for growth in various altcoins and the relaxation of crypto regulations in China are key factors driving this renewed interest in the market.