The cryptocurrency market has been surging for several days to reach an all-time high, although prices have decreased recently, markets are starting to rise. There has been an increased demand to restrict Chinese investments for at least the last 25 months. The price of bitcoin has really shifted in the last few weeks. The price of bitcoin has seen rapid, and at times volatile, growth in recent months. It had fallen as low as $41,000 but has surged 5% after China banned crypto mining and some transactions.
Ether rallied 10% after Friday’s losses to $3,167, becoming the second-largest cryptocurrency after briefly overtaking bitcoin. Cardano prices were 2% higher than they were yesterday, but dogecoin increased by 2% to $0.20 in the meantime. Yesterday, the performance of other digital tokens was strong across most major cryptocurrencies. XRP, Uniswap, and Stellar performed well over the last 24 hours
China’s central bank on Friday said all crypto-related transactions are currently prohibited by the law. The People’s Bank of China (PBOC) is banning all transactions related to cryptocurrency including financial institutions, payment companies, and internet companies. They are also monitoring the risks associated with investing in cryptocurrencies, which is important for financial stability.
After the statement, Huobi, one of the most popular crypto exchanges, has decided not to allow new registrants with a mainland China phone number and in a statement announced that they will “gradually retire existing” mainland China user accounts by December 31, as reported.
China has been enforcing a trading ban of cryptocurrencies, and the efforts to decrease mining & trading activity of cryptocurrencies means that prices for this currency are already down from what they were before.
Beijing has emitted a ban on cryptocurrency mining. This is because it uses up way too much electricity, which largely stems from coal-fired power plants. Yet the country still remains committed to managing its carbon emissions.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.