Speculation is brewing in the crypto community as rumors circulate that China may be gearing up to lift its ban on Bitcoin once again.
Recent developments suggest that the Chinese government might be considering allowing the ownership of cryptocurrencies. Reports indicate that Bybit, a major cryptocurrency exchange, has resumed registration and authentication for cryptocurrency users in the country, despite no official change in the government’s stance.
Renowned cryptocurrency commentator, Cyclops, has hinted that China is on the brink of permitting Bitcoin once more. The analyst predicts that this move could have a significant impact on the cryptocurrency market, potentially leading to a 100x appreciation in value. “China is on the cusp of embracing crypto again! Many alternative coins could see a 100x+ surge if this unfolds.”
Bybit, the third largest offshore crypto exchange, has recently opened its doors to Chinese users, raising hopes of a potential lifting of the crypto ban in China. This move could grant access to trading for millions of Chinese users, creating a surge in liquidity in the market.
According to the expert’s analysis, cryptocurrencies linked to China have the potential to surge anywhere from 5 to 100 times in value within the next three months. “With over 10 million new users entering the market, China-connected tokens are poised to skyrocket in the coming months. Now is the opportune moment to invest before the news spreads like wildfire.”
It’s important to note that in June 2021, the People’s Bank of China (PBOC) called for stricter regulations on virtual currency transactions. The following month, China reiterated its ban on cryptocurrencies, citing the risks associated with speculative trading.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Analyst Predicts Bitcoin Correction While Revealing Potential Resistance for BTC’s New All-Time High. Thailand Greenlights First Bitcoin ETF on the Market.