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Sunday, February 5, 2023

Bitcoin rises as the effects of the Chinese ban on cryptocurrency subside

The price of the cryptocurrency Bitcoin soared Monday, as the effects of the People’s Bank of China’s ban on cryptocurrency completely subsided.

Cryptocurrencies have been affected since last Thursday after the People’s Bank of China continued its crackdown on crypto-mining and prevented crypto firms from dealing with clients from mainland China.

The People’s Bank said all crypto-related activities are illegal in China, including services such as offering digital asset trading and clearing and issuing digital assets and derivatives.

At 9:59 GMT, the price of the largest cryptocurrency in the world was trading at an increase of 0.53 percent on a daily basis to $ 43,572 for Bitcoin.

Earlier in the day, the gains reached 4 percent, exceeding the level of 44 thousand per unit, before the gains diminished.

The market value of the currency amounted to 821.21 billion dollars, with a total of 18.827 million units in circulation out of a total of 21 million units in circulation.

Other digital currencies, including the currency “Ethereum”, the second-largest digital currency in the world by market value after Bitcoin, increased by 3.21 percent to $3,092, with a total market capitalization of $364.27 billion.

Tether rose 0.03 percent to $1, with a market capitalization of $70.65 billion.

The market value of the total virtual currencies around the world rose to 1.953 trillion dollars, distributed over 9461 virtual currencies, being traded through 412 platforms.

Virtual currencies do not have a serial number and are not under the control of governments and central banks, like traditional currencies, but are dealt with only via the Internet, without their physical presence.

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