Bitcoin, Ethereum Prices Rise Again After Chinese Crypto Crackdown Caused Dip

After China’s crackdown on crypto caused a sharp dip, top tokens like Bitcoin and Ether rallied again on Sunday.

By Radhika Parashar | Updated: 27 September 2021 11:25 IST

Bitcoin, Ethereum Prices Rise Again After Chinese Crypto Crackdown Caused Dip

Major cryptocurrenies have witnessed price hikes at the starting of this week

Highlights

Bitcoin price has risen by over one percent
Ether price is up by nearly ten percent
Dogecoin and Cardano struggling to revive post China’s crypto-crackdown

The cryptocurrency market has risen again and Bitcoin rallied strongly on Sunday after seeing a sharp drop in price on Friday and Saturday, following news of a crackdown on crypto in China. Over the weekend, many leading cryptocurrencies bounced back on Sunday, after spending most of Saturday in the doldrums, and on Monday, September 27 Bitcoin opened with a minor spike of 2.93 percent. The world's most valued cryptocurrency is presently trading at Rs. 34,73,734 ($47,103). It was not the only cryptocurrency to see this kind of a bounce-back either, as confidence in the market returned.

Ether (ETH) cryptocurrency is trading at Rs. 2,47,293 (roughly $3,353) as we write this. Last Friday on September 24, the world's second-largest cryptocurrency also saw a drop, but the losses are being recouped by the 24-hour exchange value spike of 9.39 percent.

Given the fresh statistics, analysts feel this would be a positive week for crypto investors.

Cryptocurrency in China: What’s New in Country’s Latest Crackdown?

“The past 24 hours witnessed the total cryptocurrency market capitalisation going past the $1.96 trillion (Rs. 1,44,54,277 crores) mark. With this increase, the total traded volumes went more than 8.5 percent higher. It indicated that the outlook for the week is positive. Bitcoin's dominance increased marginally and now stands over 42.5 percent,” Edul Patel, CEO and Co-founder of crypto-investment platform Mudrex told Gadgets 360.

As per the Gadgets 360 crypto-tracker, Ripple, Polkadot, Uniswap, and Litecoin are among other cryptocurrencies which rallied ahead in terms of exchange values.

On the other hand, Dogecoin, Tether, and Cardano – all of which witnessed hikes and dips in exchange rates last week, opened with minor drops today.

Cryptocurrency Transactions Deemed Illegal by China’s Central Bank

This week, cryptocurrencies are expected to witness some interesting fluctuations in the backdrop of China's ban.

China has warned all crypto investors and traders that if found indulging in "illegal financial activities", they will be treated as criminals, and will be prosecuted.

According to data from Bybt, a cryptocurrency trading and information platform, over $418 million (roughly Rs. 3,085 crores) were wiped off the market while more than $326 million (roughly Rs. 2,406 crores) were liquidated by 80,563 traders on September 25. The initial panic paved way for the market stability at the time.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency News, Cryptocurrency Price, Cryptocurrency Market, Cryptocurrency Price in India, Cryptocurrency Exchange, Bitcoin Exchange, Bitcoin Prices, Bitcoin Price in India, Bitcoin, Bitcoin Market, Cryptocurrency List

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More