Altcoin
Is China Banning Cryptocurrencies? Top analysts list Altcoins as “stacks” before the massive capital inflow
Twitter is currently flooded with reports of China unlocking cryptocurrencies. Technology pioneer Kyle Chasse took to social media and revealed that Bybit has opened registrations for Chinese users. Previously, the third largest offshore exchange strictly limited the use of the platform to Chinese users.
Among the alleged reports, analyst Dylan dedicated himself to Crypto Banter channel and caught the news that China is indeed banning cryptocurrencies, with several clues emerging recently. Specifically, Bybit, the third largest offshore exchange, has now opened registration and authentication for users in China. Previously, Bybit strictly prohibited Chinese users from registering or using the platform. This news caused a surge in bullish sentiment.
According to him, this development is extremely bullish, suggesting that a market recently limited to cryptocurrency trading is now entering the scene. This influx of capital could pump up various cryptocurrencies, including altcoins.
The analyst explained that the first cryptocurrency he is focusing on is NEO. Recently, NEO saw a significant increase on April 8 and 9, coinciding with some Chinese news, resulting in a 54% move from the 50-day moving average. Currently, NEO is trading below this average, but if it gains momentum, it could rise quickly.
Next on his list is VET and the first move for VET appears to be an increase of around 10%, followed by an increase of 18%. These are the current opportunities with two of his favorite Chinese narrative tokens. Let’s see how it ends. For example, sometimes you have to wait days or even weeks for a token to move, like with SUI or RENDER.
Another token to keep an eye on is CFX, an old favorite in the Chinese narrative space. It recently broke above the 50-day moving average, indicating a potential uptrend. The alignment of news and technical indicators like this often marks significant movements in these tokens.
He suggested taking a look at CFX, noting its earnings history. For example, CFX saw a massive 210% increase from mid-January to March. While we cannot assume that such a big move will happen again, it shows the potential of the token.
The analyst briefly mentioned XIBA, a new meme coin resembling Shiba Inu, which he purchased early. The market capitalization grew from around $250,000 to $1.4 million. If this Chinese narrative continues, XIBA could see higher growth.