There are Twitter rumours circulating that China have started legalising crypto exchanges

Rajan Dhall, MSTA FX Daily

A crypto Twitter account has been causing a stir. As the tweet suggests it seems that someone has got hold of official documents saying that some cryptocurrency exchanges are being legalized.

The photo shows a "real photo" of a cryptocurrency exchange license agreement. This rumour comes at a time when Binance announce they are due to open an office in Beijing.

After some digging, I was able to find a link to the photo and it came from a website called Tianyancha. They are a large data technology company having a vast repository of Chinese enterprise information, Crypto Even has said. However, the site does not permit foreign access. So if you are based anywhere other than China you cannot log in.

After Chinese President Xi pumped the Bitcoin price by saying the world powerhouse will become a leading nation in blockchain technology. The press have been looking for stories and developments in China surrounding cryptocurrencies. I must stress this is not verified by anyone but it has set tounges wagging.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.