China Centralized Television is Talking About Uniswap $UNI | Could China Be Selective on Cryptocurrency?

Urian B., Tech Times 02 June 2021, 10:06 pm

China centralized television is talking about Uniswap or $UNI. Could the company be changing its perspective when it comes to crypto? It's quite confusing as to what really is China's stance when it comes to crypto but one thing is for sure, the country did talk about a cryptocurrency on its CCTV or centralized TV.

China Centralized TV Talks About Uniswap

A Twitter account by the username of Jean Miao showed a video of what looks to be China's centralized TV talking about cryptocurrency. The caption read that the CCTV was specifically talking about Uniswap or $UNI.

This news can be quite confusing especially after China had just recently banned mining and due to the exodus of miners and big crypto whales, have caused the whole crypto market to somewhat shrink. Although this sounds like good news, there was a comment that disagreed.

CCTV is Talking About 'Foreign DEX'

According to the Twitter account Bitcoin Yaoming, do not get fooled by the footage. The user then noted that "CCTV is NOT talking about UNISWAP." The user also noted that they are talking about scams in the full "foreign DEX" since anyone can create one of them while alerting potential Chinese investors.

If the statement by Jean Miao was indeed true, this could mean another bull run for $UNI if the news was talking about the cryptocurrency in a positive light. However, if the news was alarming the public of potential scams as noted by GBitcoin Yaoming, it could have a negative effect on the cryptocurrency.

China Cryptocurrency Crackdown

As of the moment, it is still unknown as to what the full news broadcast was really talking about. A lot of crypto whales have sold their coins when the China crackdown on cryptocurrency began. However, news of a China digital currency built on Ethereum saw massive whale movements.

When the talk of China potentially building their digital yuan on Ethereum broke out, a lot of whales started buying more and more Ethereum. As of the moment, however, the coin is still quite far from its all time high of around $4,000. The coin has been toying the $2,700-$2,800 range for quite a while without much signs that it will go bullish or bearish.

$UNI Price Prediction

Although news of China centralized television is talking about UNISWAP, it is still important for traders to be careful, as of the moment, $UNI trades at around $27.1-$27.2 and is fluctuating within that price range. Using Bollinger Bands, the currency looks like it is highly volatile but is slowly shrinking in volatility.

When looking at the RSI however, the coin is lodged perfectly in the middle which makes it hard to predict if the coin will go up or if the coin will go down. MACD, however, shows the currency slowly going bullish. Of course, this could change at any given time.

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Written by Urian B.