Following China's fresh ban on cryptocurrencies, the fluctuations in market statistics have been like a roller-coaster ride. A day after Bitcoin and Ethereum values recorded a hike, on Tuesday, September 28, Bitcoin witnessed a dip of 2.96 percent. The world's most-valued cryptocurrency is presently trading at Rs. 33,72,726 (roughly $45,666) — down by Rs. 1.6 lakhs (roughly $1,437) from Monday, September 27. While industry experts are expecting instability for some time with China's ban on crypto trading, they do believe that this week could eventually turn out to be positive.
Following Bitcoin, Ether also opened with a significant drop of 5.93 percent, as per the Gadgets 360 crypto-price tracker. The Ether cryptocurrency is currently trading at Rs. 2,34,013 (roughly $3,618). This drop in Ether value comes after it registered a growth of 9.39 percent on September 27. Built on the Ethereum blockchain, Ether is the world's second-most valued cryptocurrency.
“Resistance remains evident at higher levels, where pullbacks could potentially bring Bitcoin back to the support level of $40,000 (roughly Rs. 29,54,209). Nonetheless, we are increasingly seeing crypto markets moving past the initial phase of news-based selling, a positive sign that long-term investors are potentially using the dip to accumulate,” the CoinDCX Research Team told Gadgets 360 over email.
Despite today's slow growth opening for cryptocurrencies, market analysts believe Bitcoin and other major altcoins (a term used for cryptocurrencies other than Bitcoin) have shown strength entering this week.
Despite China's ban, several parts of the world are taking initiatives to spark discussions around cryptocurrencies, their rapid growth as well as their future impact on the global economy.
Dubai, for instance, is gearing up to host one of the largest ever expo around cryptocurrencies in October. Over 3,000 people are expected to attend the mega crypto event, where over 30 industry experts will touch various aspects of the budding crypto space.
Earlier this week, Nayib Bukele, the President of Central American country El Salvador revealed that his fellow countrymen are getting roped into the crypto space. Within one month of El Salvador becoming the world's first country to legalise Bitcoin alongside its own currency (dollars) — over two million Salvadorians are using the official crypto wallet named “Chivo”.