Key takeaways: Bitcoin is trading in the red, while the majority of altcoins are up in the last 24 hours The altcoin surge is led by BNB, which has gained 15% since Binance announced a new $1 billion fund designed to boost DeFi After a two-week-long rally that saw the price of Bitcoin increase from…
The cryptocurrency market is approaching $2T capitalization as it is slowly recovering from the losses accrued in the aftermath of China’s crypto ban. Bitcoin and Ethereum have managed to bounce of their respective support levels and are currently trading at $43,200 and $3,000.
After a series of regulatory clampdowns that date back all the way back to 2013, China has decided to issue a blanket ban on all cryptocurrency activity in the country on September 24. As expected, native tokens of crypto exchanges that were offering their services to Chinese users, such as OKB and Huobi token, have been particularly hard hit. However, Binance Coin remained relatively unaffected by the news.
February has so far been an excellent month for BNB, as the cryptocurrency climbed above $300 and registered gains of over 450% since February 1. The coin also moved up the cryptocurrency market cap rankings, and even managed to take over the 3rd place from Tether’s USDT.