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Low-level purchasing is driving token prices upward

 

Major currencies saw low-level purchasing after China's announcement that all cryptocurrency transactions are banned, with some seeing gains of up to 11 percent.

Ethereum was the biggest gainer among the top ten currencies, gaining about 10% in value. Solana, XRP, and Bitcoin all saw gains ranging from 4 to 7 percent. There were others who were in the green as well. A 32 percent increase in Uniswap's stock price made it one of the greatest significant gainers outside of the top 10.

Because of the waning of the FUD (fear, uncertainty, and doubt) surrounding China's bitcoin ban, there is a growing feeling of stability throughout the cryptocurrency spectrum. The majority of the major cryptocurrencies have followed Bitcoin's example and have exceeded the $44,000 threshold.The CEO and Co-Founder of Mudrex, Edul Patel, believes that "the next 24 hours may herald the beginning of a period of stability throughout the cryptocurrency spectrum."

After the Chinese central bank declared all cryptocurrencies illegal on Friday, a large number of Indian investors raced to sell out their holdings in lesser-known cryptocurrencies earlier this week, as the asset class fell on Friday and Saturday. Others sought refuge in more stable names such as Bitcoin and Ethereum, which have since recovered.

Meanwhile, as both new and existing companies race to find methods to benefit from the massive wealth contained in Bitcoin being brought into the normal financial system, the concerns of US Federal authorities have only grown.

The Treasury Department and other authorities are now concentrating their efforts on a main target for tighter regulation: fast-growing stablecoins like as USD Coin and Tether, which have seen rapid growth in recent months. Stablecoins serve as a medium of exchange between the cryptocurrency markets and the rest of the financial system.

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