Cryptocurrency assets were trading positive on Monday even as the impact of the Chinese crackdown continues to affect the value of digital coins.
While volatility hit cryptocurrencies for the past one month after a series of tweets by Tesla CEO and China’s crackdown, it seems that the value of such assets is recovering, albeit at a much slower pace than the meteoric rise earlier this year.
Another observation by crypto experts is that virtual coins are not witnessing wild price swings and some level of consolidation has been seen over the past few weeks.
For instance, the world’s most popular cryptocurrency, Bitcoin, has found support at $36,000-$37,000 levels, while smaller rival Ethereum (Ether) has managed to stay above $2,700. The price fluctuations have been much less in comparison to the situation almost a month ago.
At 9:50 am, Bitcoin’s value was up over $36,500, up over 1 per cent from its price 24 hours ago. Meanwhile, Ether is inching closer towards $2,800, up over 2.60 per cent.
Other cryptocurrencies like Ripple, Cardano, Dogecoin, Stellar, Chainlink, Polkadot and Litecoin have seen witnessed higher stability. This could be a good signal for people who want to invest in cryptocurrencies.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
36,354.78 |
0.47% |
$680.99 |
$28.97 billion |
|
Ethereum (Ether) |
2,778.31 |
3.35% |
$322.80 |
$30.41 billion |
|
Dogecoin |
0.374779 |
0.03% |
$48.64 |
$1.73 million |
|
Litecoin |
180.12 |
1.57% |
$12.22 |
$3.58 billion |
|
XRP (Ripple) |
0.964554 |
2.11% |
$96.29 |
$2.86 billion |
|
Cardano |
1.72 |
2.01% |
$55.39 |
$2.57 million |
However, experts who track the asset are still worried about the impact of China’s crackdown. It may be noted that China is still going strong on its crackdown on cryptocurrencies.
The county banned a slew of crypto-related accounts on Twitter-like platform, Weibo, over the weekend. The move comes after Beijing had earlier cracked down on Bitcoin mining and trading.
Analysts and regulators, more actions can be expected including linking illegal crypto activities in China more directly with the country’s criminal law. The crackdown comes as China’s central bank continues to accelerate the testing of its own digital currency.
While the Chinese crackdown has hit the virtual coin trading space, many positive developments are aiding the industry at the same time.
For instance, Blockchain technology company Blockstream Mining said on Saturday that Square Inc will invest $5 million to build an open-source, solar-powered Bitcoin mining facility at one of Blockstream’s US sites.
Another recent positive development is Standard Chartered’s plan to establish a cryptocurrency brokerage and exchange platform in Britain and Europe to target institutional clients. The planned crypto exchange will be a joint venture between SC Ventures and BC Technology Group.
The fact that a mainstream global lender has plans to set up an exchange for cryptocurrencies is a big endorsement for virtual coins, paving the way for other major lenders to follow suit.
(DISCLAIMER: The cryptocurrency prices have been updated as of 10:15 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)