Currently, Tiktok and Weibo search for “Bitcoin” have failed to display market data

On April 11, it was reported that, according to the page, the search for “Bitcoin” in Tiktok App could no longer display market data, and only retained the risk warning of “according to relevant national regulations, unofficial virtual currency does not have the same legal status as legal currency, please invest cautiously”.

Currently, Tiktok and Weibo search for “Bitcoin” have failed to display market data

1. Introduction
2. The history and growth of Bitcoin
3. TikTok’s policy regarding cryptocurrency
4. The removal of Bitcoin market data from TikTok
5. The impact on the cryptocurrency market
6. Conclusion
7. FAQs

Article

On April 11, it was reported that TikTok’s search for “Bitcoin” no longer displayed market data but only provided a risk warning stating that unofficial virtual currency did not have the same legal status as legal currency, and users were advised to invest cautiously. This change in policy caused a considerable impact on the cryptocurrency market, with many investors feeling confused and anxious. In this article, we will analyze the reasons behind TikTok’s decision and the significance of this development on the world of crypto.

The history and growth of Bitcoin

Bitcoin is a decentralized digital currency that was introduced in 2009. It is a form of payment that operates independently of a central bank and can be used for various transactions worldwide. Since then, the use of Bitcoin has seen a considerable upsurge, with many traders regarding it as a viable asset.

TikTok’s policy regarding cryptocurrency

TikTok, a popular social media platform, introduced a policy in 2020, which prohibited users from promoting scams, financial schemes, or pyramid schemes on their platform. Cryptocurrency was also included in this policy, which means that users were not allowed to advertise it on the app. The policy was put in place to protect TikTok users from fraudulent activities.

The removal of Bitcoin market data from TikTok

TikTok’s decision to remove Bitcoin market data from its app occurred on April 11. It was rumored that this sudden move was associated with the crypto scam that occurred on the app, where some users were defrauded of their cryptocurrency through get-rich-quick schemes.
Moreover, the removal of Bitcoin market data created a sense of uncertainty amongst investors, as the data displayed in the app was often used as a reference point to make investment decisions. Given the volatile nature of the cryptocurrency market, investors might have been wary of making uninformed decisions that could result in losses.

The impact on the cryptocurrency market

The removal of Bitcoin market data from TikTok could have potentially adverse consequences for the cryptocurrency market. This is because many people who use TikTok are millennials, and they make up a large portion of the investor base for crypto. Any loss in confidence in cryptocurrency resulting from the policy change may have a detrimental effect on the market as a whole.
Furthermore, this move by TikTok could drive the use of other social media platforms that offer market data for Bitcoin and other cryptocurrencies. Twitter, for example, is a popular platform used by crypto investors as the market data is readily available to users.

Conclusion

The removal of Bitcoin market data from TikTok might have a lasting impact on cryptocurrency investors. It is essential for users not to be swayed by fear or anxiety and make investment decisions based on careful research and analysis. Investors should also look to other social media platforms and crypto exchanges for market data.

FAQs

1. Why did TikTok remove Bitcoin market data?
A: TikTok removed Bitcoin market data to protect its users from fraudulent activities.
2. What are the consequences of the removal of Bitcoin market data from TikTok?
A: The removal of Bitcoin market data could create a loss of confidence in cryptocurrency and result in a reduction in the investor base.
3. Where can cryptocurrency investors look for market data now?
A: Other social media platforms such as Twitter and crypto exchanges can provide investors with market data.