Ethereum On A Strong Rebound As Bitcoin-Led Crypto Markets Shrug Off China's Umpteenth Ban, Dogecoin Flat

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Benzinga 26 September, 2021 - 08:33pm 55 views

Did China ban all Cryptocurrency?

China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People's Bank of China said on its website. Aljazeera.comBitcoin slumps as China bans all cryptocurrency transactions

Is China banning Crypto?

“Crypto transactions and crypto services of all kind are banned in China. BloombergChinese Regulators Are Serious About Crypto Ban This Time

Did China outlaw Bitcoin?

China's central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013. ... CBS NewsChina bans cryptocurrency transactions in sweeping crackdown

What does China banning crypto mean?

The ban applies to all digital tokens, which China said are not legal and cannot be used as a currency in the market. Online crypto services to Chinese residents provided by overseas virtual currency exchanges are also considered illegal financial activity. The ban applies to crypto derivatives trading, too. Barron'sCrypto Crumbles. What China's Ban Means for Digital Currencies.

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Ethereum On A Strong Rebound As Bitcoin-Led Crypto Markets Shrug Off China's Umpteenth Ban, Dogecoin Flat | Benzinga

Fortune 26 September, 2021 - 08:33pm

Dogecoin (CRYPTO: DOGE) traded flat on Sunday night but other major cryptocurrencies were on a rebound as the global cryptocurrency market capitalization rose 1.64% to $1.91 trillion.

What Happened: DOGE traded 0.4% lower at $0.20 over 24 hours. The Shiba Inu-themed cryptocurrency has fallen 10.04% for the week.

Ethereum (CRYPTO: ETH) shot up 7.04% over 24 hours. The second-largest cryptocurrency by market cap has declined 5.64% over a seven-day period.

The apex cryptocurrency, Bitcoin (CRYPTO: BTC), rose 2.49% to $43,557.07 over 24 hours. Over the last seven days, BTC has fallen 7.26%. 

The biggest 24-hour gainer on Sunday was Uniswap; the coin soared 30.31% to $24.81. For the week, UNI has gained 6.2%.

The token of a popular decentralized trading platform, UNI, gained 25.74% and 19.8% against BTC and ETH respectively. 

Since the year began, UNI has climbed 418.54% in price.

Why It Matters: On Friday, major cryptocurrencies nosedived after China’s central bank, the People’s Bank of China, repeated its warning on virtual assets not being legal tender in the country.

In 24 hours, Bitcoin had stabilized over the $40,000 mark, with multiple analysts brushing off the central bank’s move.

“Each time this happens [China bans cryptocurrencies], the markets react with a price drop, each time the effect is smaller and more short-lived. The ‘China bans bitcoin’ story has gained almost a meme-like status in the bitcoin community because of this,” said Ulrik K. Lykke, executive director at ARK36, a cryptocurrency hedge fund.

“It would seem like a negative thing to have China ban bitcoin and cryptocurrencies, but the market barely cares after the 100th time,” said cryptocurrency entrepreneur Anthony Pompliano, as per CoinDesk.

— Pomp (@APompliano) September 24, 2021

Cryptocurrency trader Michaël van de Poppe​​​​​​, on Sunday’s rebound, commented that the markets are “bottomed.”. In a separate tweet, he said, “Markets doing fine, great bounce today.”

On the Ethereum side, the rebound was led by institutional investors as the price moved past the $3,000 level, reported Cointelegraph.

On Friday, it was reported that institutional investors are favoring ETH over BTC, as per the analysts at JP Morgan.

Independent analyst PostyXBT said on Twitter that a further upside is anticipated in ETH as the latest declines lead towards a trend that supports accumulation.

Weekly close equally as important for #ETH today as price tests the previous range highs as support.

Seems like a logical area to make a higher low and I have bought more here for long term bags/swing trade.

RR looks favourable after a 33% correction from the local top. pic.twitter.com/aV77HGsIv9

— posty.eth (@PostyXBT) September 26, 2021

Read Next: Dogecoin, Bitcoin, Ethereum See Buying Opportunity After Another China Crackdown

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

$27 of crypto when you complete education

$25 in BTC when you deposit $100

2 free stocks when you make ANY deposit

© 2021 Benzinga | All Rights Reserved

Ethereum On A Strong Rebound As Bitcoin-Led Crypto Markets Shrug Off China's Umpteenth Ban, Dogecoin Flat | Benzinga

FingerLakes1.com 26 September, 2021 - 08:33pm

Dogecoin (CRYPTO: DOGE) traded flat on Sunday night but other major cryptocurrencies were on a rebound as the global cryptocurrency market capitalization rose 1.64% to $1.91 trillion.

What Happened: DOGE traded 0.4% lower at $0.20 over 24 hours. The Shiba Inu-themed cryptocurrency has fallen 10.04% for the week.

Ethereum (CRYPTO: ETH) shot up 7.04% over 24 hours. The second-largest cryptocurrency by market cap has declined 5.64% over a seven-day period.

The apex cryptocurrency, Bitcoin (CRYPTO: BTC), rose 2.49% to $43,557.07 over 24 hours. Over the last seven days, BTC has fallen 7.26%. 

The biggest 24-hour gainer on Sunday was Uniswap; the coin soared 30.31% to $24.81. For the week, UNI has gained 6.2%.

The token of a popular decentralized trading platform, UNI, gained 25.74% and 19.8% against BTC and ETH respectively. 

Since the year began, UNI has climbed 418.54% in price.

Why It Matters: On Friday, major cryptocurrencies nosedived after China’s central bank, the People’s Bank of China, repeated its warning on virtual assets not being legal tender in the country.

In 24 hours, Bitcoin had stabilized over the $40,000 mark, with multiple analysts brushing off the central bank’s move.

“Each time this happens [China bans cryptocurrencies], the markets react with a price drop, each time the effect is smaller and more short-lived. The ‘China bans bitcoin’ story has gained almost a meme-like status in the bitcoin community because of this,” said Ulrik K. Lykke, executive director at ARK36, a cryptocurrency hedge fund.

“It would seem like a negative thing to have China ban bitcoin and cryptocurrencies, but the market barely cares after the 100th time,” said cryptocurrency entrepreneur Anthony Pompliano, as per CoinDesk.

— Pomp (@APompliano) September 24, 2021

Cryptocurrency trader Michaël van de Poppe​​​​​​, on Sunday’s rebound, commented that the markets are “bottomed.”. In a separate tweet, he said, “Markets doing fine, great bounce today.”

On the Ethereum side, the rebound was led by institutional investors as the price moved past the $3,000 level, reported Cointelegraph.

On Friday, it was reported that institutional investors are favoring ETH over BTC, as per the analysts at JP Morgan.

Independent analyst PostyXBT said on Twitter that a further upside is anticipated in ETH as the latest declines lead towards a trend that supports accumulation.

Weekly close equally as important for #ETH today as price tests the previous range highs as support.

Seems like a logical area to make a higher low and I have bought more here for long term bags/swing trade.

RR looks favourable after a 33% correction from the local top. pic.twitter.com/aV77HGsIv9

— posty.eth (@PostyXBT) September 26, 2021

Read Next: Dogecoin, Bitcoin, Ethereum See Buying Opportunity After Another China Crackdown

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

$27 of crypto when you complete education

$25 in BTC when you deposit $100

2 free stocks when you make ANY deposit

© 2021 Benzinga | All Rights Reserved

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