China again banned all the cryptocurrency transactions yesterday. The People’s Bank of China in a note said that all crypto transactions will be considered illegal in the Chinese economy. This announcement on 24th September took a high toll on the prices of Bitcoin and Ethereum.
Bitcoin after crossing the $44k mark on 23rd September 2021, is again down to $42,581. Its prices saw a downfall of 3.37% in the last 24 hours. Moreover, after the news of the Chinese ban on crypto, Bitcoin prices hit $41k on 24th September 2021.
Ethereum is currently at $2924 with a loss of 4.36% from the previous day. Ethereum after falling to $2800 earlier this week, had recovered slightly. On 23rd September 2021, it was at $3200.
Cardano has improved by a margin of 4.45% and is trading at $2.35. On the contrary, Solana and Polkadot prices are hit by 0.39% and 1.24% respectively. At the time of writing Solana is at $140. On 25th September 2021, the Binance coin is valued at $356.53 with a 3.97% decrease in the past 24 hours.
The global crypto market is still short to cross its acclaimed $2 trillion. With a 2.95% decrease in 24 hours the global crypto market cap is currently at $1.92 trillion.
After a dip period earlier this week, there was a surge in the prices of major cryptocurrencies like BTC and Ethereum. However, due to the Chinese crackdown on crypto, the graph is again low by a small margin.
Cardano is hosting a virtual summit across the continents of the world on 25th and 26th September 2021. In this summit, Cardano will introduce the Hydra layer 2 blockchain scaling solution. With the inclusion of smart contracts, it is expected that the Cardano ecosystem will expand considerably. Investors’ expectations are high filled with the possibility of mind-blowing announcements at the 2 days Cardano Summit.
(All the prices and data are taken from coinmarketcap.com as of 25th September 2021 at 00:01 Time in Chicago, Central Time Zone (GMT-5).)