Crypto Market Movers: Bitcoin (BTC) Attempts Recovery Above $42,000, Only Cardano Survives Amid China FUD

Jafrin  |  Sep 25, 2021

The price of the world’s largest cryptocurrency by market cap, Bitcoin (BTC), has managed to recover above $42,000 from yesterday's Chinese government reiterating its tough stance on cryptocurrencies. Among the top 10 altcoins, only Cardano survives the Chinese government's backlash against the crypto assets.

Bitcoin (BTC) Attempts Recovery Above $42,000

Bitcoin (BTC) has managed to recover some of the lost gains after having dropped below the $40,000 price mark, successfully managing to recover above $42,000.

With the bulls preparing for another price surge, China’s central bank announced yesterday a total ban of crypto-related activities declaring all transactions related to digital assets must be banned.

The cryptocurrency markets naturally fell in response to commentary from the Chinese authorities with the price of the leading cryptocurrency falling by as much as 10% to $40,983 in just three hours.

Collectively, the cryptocurrency market fell from a market capitalization of $2 trillion to $1.8 trillion, with approximately losing 10% during that time.

After BTC bottoming at around $40,600, the bulls stepped up and recovered nearly $3,000 and briefly exceeded $43,000. As of now, BTC currently stands at approximately $42,970. In the meantime, the crypto market is recovering with the total market capitalization for cryptocurrencies standing at $1.89 trillion.

Ethereum Trades Below $3,000, Cardano in Green After China's Anti-Crypto Move

In a statement posted on its website yesterday, The People's Bank of China (PBoC) posted a Q&A stating that virtual currencies did not have legal status in the country. It also stated that services offering trading, order matching, token issuance, and derivatives for virtual currencies were prohibited.

“Financial institutions and nonbank payment institutions cannot offer services to activities and operations related to virtual currencies.”

Ethereum went from a daily high of $3,100 to a low of $2,750. Despite reclaiming some ground as well since then, though, the second-largest crypto is still well below the coveted $3,000 price mark.

On a 24-hour scale, most altcoins are still well in the red. Cardano is among the very few exceptions with a minor 2% increase. As a result, ADA stands above $2.3.

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