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Chinese government bans cryptocurrecy videos | Peter Brandt sees the reason for BTC’s decline in low volume

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The Chinese government has expanded its measures to combat cryptocurrencies and is now focusing on short videos about them, published on the Internet.

The Chinese government has banned videos of cryptocurrencies

In an updated publication by the China Network Broadcasting Services Association, the country banned the publication of videos promoting digital assets, including BTC.

The Internet Standards for 2021 for short video content recommend that users do not publish visual content that encourages public participation in digital currencies, mining, trading and speculation.

The ban will apply to multiple platforms, including the Chinese versions of TikTok Douuin and Kuaishou, as well as messaging applications and microblogging platforms such as WeChat.

The ban on crunch-related videos has been added to the list of 100 banned topics. Some of them include the country’s official history, parodies of political leaders, contempt for Chinese ideology, and discussions of fascism.

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Legendary trader Peter Brandt shared his views on BTC’s current price drop and indicated that the biggest cryptocurrency has not yet reached the bottom of the correction due to the infinitesimal trading volume.

Peter Brandt wrote on Twitter:

Implications of volume. Key bottoms in $BTC have occurred with high volume panic capitulation.

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source: Twitter

The slow decline suggests that we still have to worry about price losses before the bulls regain control of the market. Analyst Willy Woo is convinced that there are no signs of a sale, which indicates that the hodlers are in a good mood. In his view, the market is now in a phase of consolidation.

When we return to Brandt, he told the traders to look at the formation of a bear double top, while making he made clear that this pattern had not yet been confirmed. BTC started the last month of the year with a big sale. The price fell to $ 42,000, now its price is hovering at $ 46,000.

Analyst indicates future price of BTC and three other cryptocurrencies

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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