BTC Gains Attention on Chinese Social Media Amid Surge to $64K
The recent rise in Bitcoin’s value has caught the attention of internet users in mainland China despite the government’s strict ban on cryptocurrency activities. Bitcoin (BTC), the world’s largest cryptocurrency, reached $64,000 on Thursday, experiencing a significant increase of over 21% in the last five days.
Bitcoin Trending on Chinese Social Media
The rapid rise in Bitcoin’s price has made it a trending topic on major Chinese social media platforms, with Weibo ranking it as the 11th most searched term at one point on Wednesday. Additionally, Bitcoin’s popularity has increased by over 358% on WeChat, according to Tencent Holdings’ official WeChat Index.
This surge in interest follows Bitcoin’s 676% surge in popularity on WeChat on February 13, which coincided with Bitcoin breaking the $60,000 barrier for the first time in more than two years. Bitcoin’s price is up 47% since the beginning of February, returning to lows experienced the year before when it mostly appeared below $30,000 following a crypto market downturn in 2022.
The recent momentum in Bitcoin’s value can be attributed in part to the launch of Spot Bitcoin ETFs in the US in January. This pushed Bitcoin to its highest trading levels since hitting a record high of $69,000 in November 2021.
Also Read: Coinbase Outage: $100 Billion Wiped Out From Bitcoin Market Cap
China’s Regulatory Crackdown on Crypto
The massive attention on the Bitcoin price surge on Chinese social media platforms underscores the resilience of the crypto community in mainland China despite the government’s strict stance against crypto-related activities. According to the South China Morning Post, despite warnings issued by platforms such as Binance, users on the mainland have found ways to create accounts and trade cryptocurrencies.
However, the Chinese government has intensified monitoring of crypto-related activities, citing potential risks to financial stability. Beijing’s focus has shifted to addressing money laundering risks associated with cryptocurrencies, even as it supports Hong Kong’s ambitions to become a major hub for virtual assets.
According to research firm Chainaliz, mainland China ranked 11th among 20 major countries in cryptocurrency adoption last year, falling from 10th place in 2022. Additionally, the trading volume ranking on mainland China’s centralized crypto exchanges dropped from second place last year to 10th place. 2022.
On the other hand, Chainalytics noted an increase in peer-to-peer trading volume, with China rising from 144th to 13th in 2022. Before cryptocurrency exchange FTX’s collapse in 2022, mainland Chinese traders made up 8 percent of the platform’s user base. According to the company’s bankruptcy filings.
Also Read: Historical Data of Bitcoin Price Suggests Barriers to Further Rise
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