TikTok supports Bitcoin price quotes, influencers cheer for the imminent lifting of China's crypto ban

The popular app Douyin was reported to support real-time quotes for various cryptocurrencies including Bitcoin, causing Bitcoin to rare rise to the top trending searches on Weibo. This was believed to be one of the reasons for Bitcoin reaching $30,000. Many Chinese cryptocurrency influencers also exclaimed that China is about to lift the ban on cryptocurrencies. However, the quote feature was removed by Douyin in less than 24 hours.

Is TikTok Supporting Cryptocurrency Prices?

In the popular app TikTok's Chinese version, there are reports of supporting price quotes for cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu, displaying data in Chinese Yuan for opening, closing, high, low, and percentage change, and defining Bitcoin as a "P2P-form virtual encrypted digital currency."

Justin Sun, the founder of TRON, also retweeted this news:

#Bitcoin price is now live on Douyin 抖音 （@tiktok_us in China） pic.twitter.com/sgvdn70LQr

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 10, 2023

Chinese Influencers Call for the Repeal of the Cryptocurrency Ban

The recent friendly attitude towards cryptocurrency regulation in Hong Kong is intriguing, and with TikTok supporting Bitcoin price display, it seems to raise doubts about whether China is about to lift the ban imposed since mid-2021.

Chinese crypto influencer Crypto Panda tweeted that, according to reliable sources in China, the country is on the verge of reopening cryptocurrency mining. Chinese miners who fled to the United States due to the ban are now migrating back to China, attempting to once again leverage China's low energy costs to increase profits.

However, he also believes that China will continue to vacillate between opening and banning Bitcoin mining in the future.

A reliable Chinese source told me China is inches away from re-allowing PoW mining (etc Bitcoin, Litecoin, Dogecoin)

Watch the US hash rates drop as Chinese nomad miners currently residing in the US flee for China again to take advantage of China’s low miner&electricity costs

— Crypto熊猫 (@NoodleofBinance) April 10, 2023

However, the Bitcoin price feature on TikTok was promptly removed within less than 24 hours and came with related warning messages.