Crypto roundup: Bitcoin and altcoins battered but defiant in wake of China-ban FUD
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Negative news out of China is dominating the cryptoverse and suppressing the market, as it has for much of the week in one form or another. But for now at least, Bitcoin and pals have stemmed the bleeding.
Thanks to today’s PBoC (People’s Bank of China) crypto-banning “bombshell”, the entire market cap took a bit of a beating and, since this time yesterday, is down 4.6 per cent at US$1.97 trillion.
Bitcoin (BTC) looked like it was packing its bags for a sub-$40K journey a short time ago, but it’s currently enjoying a staycation in the US$41.5K to $US42.2K district. Maybe it can lock down a level of support somewhere there. It’s down 4.5 per in the past 24 hours.
China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.
— Senator Pat Toomey (@SenToomey) September 24, 2021
Ethereum (ETH), meanwhile has also levelled out a bit since plunging back under US$3K. It’s changing hands for US$2,865 (-7.27%).
Things were generally looking pretty good 24 hours ago, but crypto just can’t take a trick this week. Geez, it almost seems like markets are manipulated through the coordinated spread of conveniently delayed, timed and rehashed news. Ah, but surely that’s not what’s happening…
— Molly (@bigmagicdao) September 24, 2021
2017: China bans crypto = 40% dip as Chinese traders and exchanges frantically try to find a way to survive
2021: Media picks up 9 day old article about China banning crypto = 10% dip as noobs panic sell
The difference is clear
— Boxmining (@boxmining) September 24, 2021
As for some of the other top 10 cryptos today, it’s a mixed bag, but no.3 on the list and one of Ethereum’s chief smart-contract platform rivals, Cardano (ADA), has actually managed to avoid too much price drama.
At the time of writing, ADA is the least-affected crypto in the top 40 or so, discounting stablecoins. It’s down 1.3 per cent in the past 24 hours and travelling okay for now at US$2.20.
Some of the biggest-tanking coins so far today include exchange coins Huobi Token (HT) -21%; and the OKEx token (OKB) -17%. And here’s the likely reason why…
In the follow-up to the Chinese policy, one of the most important indicators to observe is how huobi and OKEx, the two exchanges whose main users are Chinese, will react. How Binance will react is also worth watching.
— Wu Blockchain (@WuBlockchain) September 24, 2021
Fellow exchange token Binance Coin (BNB), on the other hand, is currently down 6.7 per cent, which is about the current price-drop average for the top 20 coins by market cap.
Are there any outliers having a green day? Yup, actually quite a few, surprisingly.
Some of the more notable ones include: gaming and NFT platform Phantasma (SOUL), +37.6%; decentralised options-trading platform Oddz (ODDZ), +30.28%; DeFi interoperability protocol Ren (REN), +24.22%; play-to-earn gaming enabler Yield Guild Games (YGG), +18.85%; and decentralised oracle Umbrella Finance (UMB), +17.29%.
— Avatar (@vrisim) September 24, 2021