Crypto market shrugs off latest China crackdown

By Lawrence Gash

12:31, 27 September 2021

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Solana jumps 6.7% as Cardano dips by 3%.

Graphic of NASA world image with communication network illustration — Communication network around Earth used for worldwide international connections – Photo: Shutterstock

The cryptocurrency market continued to recover on Monday after the latest effort by the Chinese government to crack down on the burgeoning sector.

Late on Friday, the People’s Bank of China published a statement declaring all crypto-related transactions illegal and warning of consequences for Chinese citizens working with overseas exchanges.

In the succeeding two days, the capitalisation of the total cryptocurrency market fell from $2.003trn (£1.46trn) to $1.803trn. By Monday, this had bounced back to $1.948trn.

Bitcoin trading volume lower

Bitcoin traded up by 0.6% to $43,543, almost level to its position seven days earlier. The market capitalisation of the world’s first and most popular cryptocurrency stood at $819bn, accounting for 42.2% of the total market. Its trading volume stood 12% lower in the past 24 hours at $28.8bn.

Ethereum traded up by only 0.2% at $3,066, having fallen to a low of $2,740 over the weekend. The second-largest cryptocurrency’s market capitalisation stood at $361.4bn, accounting for 18.7% of the total market. Its trading volume traded down by 14% at $18.8bn.

Among the other prominent cryptocurrencies, Solana, Algorand and Filecoin enjoyed the largest gains, rising by 6.7%, 4.7% and 8.6%, respectively. Cardano and Polkadot suffered the largest falls, dropping by 3% and 2%, respectively.

Largest gains

Across the wider digital asset sector, ForeverFOMO enjoyed the largest gain, rising by 489% to $0.0005586.

The price-elastic token that moves towards the price of Bitcoin and plans on expanding into the NFT space, only began trading at the end of last week and has jumped by 28,991% in four days.

Largest loss

AquaGoat Finance (AQUAGOAT) suffered the largest decline, falling by 95.8% in the space of 24 hours. The five-month old decentralised frictionless yield-generation utility eco-token had jumped to an all-time high of $0.00000003 only nine days ago, but has since slumped by 99.1%.

All prices correct as of Monday early afternoon.

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