TL;DR Breakdown
- Bitcoin is soaring upwards again
- The crypto market is down by more than 98%
- TERRA is on the bullish run
- Solana is bullish by 4%
After China ordered the shutdown of Bitcoin mining in the Sichuan region, the value of cryptocurrencies dropped. This led to China making all cryptocurrency transactions illegal. Following the announcement of new Chinese mining limitations, Bitcoin and other top cryptocurrencies saw a dramatic decline in their share prices.
It comes on the heels of previous falls caused by Tesla changing its mind about accepting Bitcoin as payment for its goods and China cracking down on initial coin offerings, blocking exchanges, and warning against speculative trading.
The People’s Bank of China, the country’s central bank, has now essentially outlawed digital coins after stating that all transactions of cryptocurrencies are prohibited. An influence on the crypto market has already taken place. The ruling has already had repercussions on the global cryptocurrency market.
Bitcoin is soaring upwards again
After losing all hope last week when Bitcoin fell to a low of $32,000, investors are excitedly tracking Bitcoin prices as they rise and fall a few hundred dollars every hour or so. The majority of experts are trying to forecast if Bitcoin can see the light of $60k glimmering over the horizon once again.
Its market capitalization has climbed to $733 billion, while its 24-hour trading volume has increased to $23B.
Ethereum is back on track
Ethereum‘s current live price is $2,724.72 USD, with a 24-hour trading volume of $14,075,339,114 USD, according to CoinMarketCap. In the previous 24 hours, the price of Ethereum has increased by 4.01 percent. With a live market capitalization of $326,148,222,900.
Ethereum is currently ranked second in the world. It has a current circulating supply of 119,699,653 Ether coins.
Solana is bullish by 4%
As a result of the bounced back market, Solana‘s stock price has raised to $90, a 4 percent incline in value. The market cap has fallen to $28 billion.
Solana’s pricing estimates show that the company’s short-term transactions are lower than predicted, but with excellent momentum. Solana price forecasts from various cryptocurrency experts have done nothing to prevent Solana from surpassing its rivals in the long term.
TERRA is on the bullish run
There is $2.4 billion worth of TERRA traded in the last 24 hours. The live price is $58. The TERRA has gained more than 9% of its value.
After having a good day the day before, TERRA gained more than 7% of its value in just seven days. A TERRA coin is worth about $58 on the market at this moment in time. The estimated market value is $22 billion. The current Terra price is $2,4 billion in 24-hour trading.
Final thoughts
The bulk of the top 10 cryptocurrencies, including Bitcoin, saw price drops in the first few days of trading. Solana’s market price has risen by more than 8 percent, whilst Dogecoin‘s value has fallen by the same amount since 2012. Despite the fact that PayPal, Mastercard, and Facebook have all embraced cryptos, Tesla’s announcement stunned the market.
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