(Bloomberg) – Bitcoin and most of the other top cryptocurrencies fell on Sunday amid concerns that China could face further crackdown on the industry, and a report by Goldman Sachs Group Inc. served as a reminder that the institutional implementation could be a long process.
Bitcoin, ether, and the rest of the top 30 non-stablecoins cryptocurrencies have all declined in Hong Kong at 1:40 p.m. in the past 24 hours, according to CoinGecko price data. Chinese social media service Weibo has banned some crypto-related accounts – if you try to view them, you’ll see a message stating that the accounts have been reported for violating laws, regulations, or Weibo rules.
Weibo’s media officer did not immediately respond to an email request for comments on Sunday. The microblogging service took similar action in 2019 when it opened the accounts of the exchange operator Binance Holdings Ltd. and the blockchain platform Tron blocked.
Chinese authorities recently warned about crypto trading and bitcoin mining efforts are being curtailed, which has put prices under pressure. Bitcoin, the largest cryptocurrency, is also struggling with technical levels and remains below its 20- and 200-day moving averages.
Bitcoin “remains vulnerable to a critical support test at $ 29,000 with a $ 20,000 risk,” Evercore ISI technical strategist Rich Ross wrote in a note Friday. He said he is currently a “seller” with a $ 41,000 freeze.
Bitcoin saw a furious rally earlier this year, rising to nearly $ 65,000 amid enthusiasm for institutional rollout, the idea that it is a store of value similar to “digital gold,” and with support from well-known investors like Paul Tudor Jones and Stan Druckermiller.
The cryptocurrency has since pulled back by more than $ 25,000, and recently traded at around $ 36,100. This year it’s still 25%.
In a development that undermines the institutional adoption narrative, a note from Goldman Sachs on Saturday showed that not everyone in the finance arena wants to step in.
“We held two CIO roundtable meetings earlier this week, attended by 25 CIOs from various long-only and hedge funds,” wrote the strategists, headed by Timothy Moe. “Your favorite is the growth style, but the least popular with Bitcoin.”
Still, support for Bitcoin continues to grow in a few quarters. Commenting on a video broadcast at the Bitcoin 2021 conference in Miamia, El Salvador President Nayib Bukele said he plans to make Bitcoin legal tender in the country, while Square Inc., based in San Francisco, said it was 5 million US dollars will be invested in the construction of a solar system. operated Bitcoin mining facility. The project is being built at a blockstream mining location in the United States through a partnership with the blockchain technology provider.
Separately, a video posted on YouTube on Friday that appears to be from the Anonymous group criticizes Elon Musk, CEO of Tesla Inc., for a variety of reasons, including his social media comment on Bitcoin. For his part, Musk actively tweeted about crypto and other topics well into the weekend.
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