Monday seems to have been a very great day for the cryptocurrency world at large. Bitcoin which has had an impressively bad 2018 saw an 8% increment, as did the Ripple XRP and Ethereum which rose by 10% and 7.1% respectively.
Ripple climbed past one dollar for the first time in over two weeks according to CoinMarketCap as well as the cryptocurrency market also rising above $400 billion once again after a very long time of gloom. Out of the 50 digital currencies that CoinMarketCap keeps record of, 48 of them had seen an upward surge, with Ethereum and Litecoin (which has been silent for almost the whole year) been part of that list. Litecoin saw a 6.2% increment.
London’s Not So Happy Despite The Rise
In its Monday report, the London Block Exchange stated that despite the rise on Monday, the cryptocurrency market hadn’t achieved any impressive feat, judging by how it had fallen from a total market cap of over $600 billion. This was the firm’s report
“Taking a step back, since last Wednesday, bitcoin and the majority of alternative cryptoassets have been trading sideways, showing some bullish signs – such as making higher highs and dipping to higher lows – but the market still hasn’t left its rather long downtrend.”
The Beijing Crackdown
However, this price rise is not something to be so enthusiastic about, at least for the moment. That’s because there is a threat of a serious breakdown that could come from Hong Kong. There have been several stories circulating recently that Beijing might be preparing to ban/forbid its people from making trade transactions with foreign exchange firms. This will likely make it impossible or almost impossible for the Chinese to conduct cryptocurrency trade transactions with any exchange outside of the country.
Chinese Opposition To Cryptocurrencies
The Chinese government has already banned cryptocurrencies in general as well as all initial coin offerings (ICOs) throughout the entire country. For the freshmen, ICOs are basically a fund raising proceed for the financing of new businesses, but with the use of tokens sold out to invest to represent their stakes or shares in the business.
The Securities and Futures Commission (SFC) in Hong Kong stated on Friday that it was going to see to the closure of any cryptocurrency exchanging firm that operated in the Asian sector without the appropriate license or was violating any local law of any sort.
It claimed it had received complaints from different investors with regards to either they been unable to withdraw their funds in the case of some exchange firms or their funds were lost due to “technical breakdowns” in some other exchanges. It also stated that there had been complaints about Initial Coin Offering issuers. It said that most of these people’s activities were allegedly fraudulent or not licensed.
There are several people around the world from the financial world who are still sceptical about cryptocurrencies, claiming that the impressive increase of last year was only another of the numerous bubbles experienced over the years and that it was going to come to nothing in the end.
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Featured Images Via ETHNews & Cointelegraph
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