Even as criticism from China intensified and the weekend slumped, cryptocurrencies started the week in recovery.
With a slight increase in the early hours of this Monday (27), Bitcoin was already recovering 0.93%, reaching US$ 43,621. In 24 hours, the currency has accumulated 2% in appreciation.
Ether, the currency linked to the Ethereum blockchain, started the day up 0.83%. In 24 hours, the currency has already recovered more than 5% of the value lost last Friday and Saturday, with the impact of statements from China.
In addition to them, other currencies also show signs of recovery. According to TradingView data, altcoins such as Cardano, XRP, Dogecoin and Polkadot also recovered.
Cardano’s currency, for example, recovered 0.67% of its value, reaching $2.22. XRP rose about 1.84% to $0.96.
Solana’s cryptocurrency stays with its big moves, both down and up. This Monday morning, the currency was up 8.44%, returning to US$ 147.05.
The cryptocurrency meme, Dogecoin, rose slightly compared to the market, rising only 0.28%. According to the TradingView charts, the currency was selling for $0.207530 at 8:00.
Also, tokens from games like AXS, from Axie Infinity also rose again after the weekend crash. With an increase of 2.01%, the AXS returned to the level of US$ 65.04. The ALICE token, from My Neighbour Alice, was also up 3.37%, reaching US$ 10.27.
Finally, the ATLAS tokens, from the Star Atlas game, and the BAKE, from the BakerySwap, were also high this Monday morning. While ATLAS rose 6.88% to $0.08, BAKE rose more than 16% to $1.74.
China’s critics continue to rock the cryptocurrency market
China’s central bank said last Friday (24) that all transactions related to cryptocurrency are illegal in the country.
The People’s Bank of China (PBOC) has also stated that it will prevent financial institutions, payment companies and Internet firms from facilitating the trade in cryptocurrencies and will strengthen monitoring of the risks of such activities.
After the official statement, the popular Huobi exchange blocked new users from registering with a Chinese phone number. In a statement on Sunday it said it “would phase out existing user accounts in mainland China” by Dec. 31, as reported by Bloomberg.
China’s government has intensified its crackdown on cryptocurrencies, and its efforts to restrict trade and mining have increased, which has heavily impacted the price of cryptocurrencies. The sharp falls come to worry specialists.
One of the reasons China wants to ban the use and mining of cryptocurrencies is energy consumption. According to the Beijing government, the vast amounts of electricity used in the country come from coal plants.
With the banning of cryptocurrencies in the country, the intention is to reduce carbon emissions and also to inspect cases of financial fraud that had been taking place in Chinese territory. The country recorded more than $2 million in fraud in a few weeks. The cases of money laundering and cryptocurrencies also worried the local government.
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