Should Beijing look at its crypto ban? A former bank member believes so
A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone up 0.66% in aggregate. Leading the way was Litecoin, whose price is now around $39.43 USD, which yielded holders a return of 6.75% from the day prior. On the flip side, the worst performer was Ethereum coming in at -3.58%; its price is now near $128.31 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.
Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:
Ethereum recorded 592,568 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 85% over Bitcoin, which had the second-most transactions recorded on its chain. Ethereum’s transaction fee is less than Bitcoin’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $33,415,714 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.41% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, rising from 66.52% to 68.43% over the past two weeks.
A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
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