Bitcoin, Ether Prices Surge as Popular Cryptocurrencies Record Gains After Two Days of Slump

Bitcoin price finally witnessed a slight rise of 2.38 percent on Thursday, September 30. Currently, the world's most-valued cryptocurrency is trading at Rs. 34,28,765 (roughly $46,116). This marginal surge in Bitcoin value comes two days after it witnessed dips along with other cryptocurrencies. The fluctuations in the crypto market were triggered by China's blanket ban on cryptocurrencies that was imposed last week on September 24. All major cryptocurrencies experienced dips in values following the recent market instability.

Bitcoin, Ether prices surge as popular cryptocurrencies record gains after two days of slump

The successful hard fork on August 1 has allowed blockchain technology to grow into a diverse technology that the traditional financial sector has yet to comprehend. Blockchain has the potential to completely change the way businesses, corporations, and governments operate. Some of the powerful cryptocurrencies such as Ethereum are also benefiting from this new and diverse environment. The value of Ether has risen to an all-time high of $961 on Thursday. Ethereum is the second most-popular cryptocurrency by market cap. While Bitcoin has lost 0.22 percent of its value, Ether has strengthened by 5.58 percent. This positive trend in the market has drawn the attention of international investors in the crypto space.

 

China's blanket ban on cryptocurrencies

Bitcoin, Ether Prices Surge as Popular Cryptocurrencies Record Gains After Two Days of Slump

 

Bitcoin price finally witnessed a slight rise of 2.38 percent on Thursday, September 30. Currently, the world's most-valued cryptocurrency is trading at Rs. 34,28,765 (roughly $46,116). This marginal surge in Bitcoin value comes two days after it witnessed dips along with other cryptocurrencies. The fluctuations in the crypto market were triggered by China's blanket ban on cryptocurrencies that was imposed last week on September 24. All major cryptocurrencies experienced dips in values following the recent market instability.

 

Bitcoin, Ether prices surge as popular cryptocurrencies record gains after two days of slump

Ether Price The average Ethereum price has increased by 2.61 percent at the time of reporting and was trading at Rs. 661,073 ($10,031). The former is currently trading at a significant premium compared to its average values. Notably, the Ethereum Classic (ETC) token has witnessed a notable rise in demand after a period of a five day bear run. It was trading at $8.54 ($11,610), before it took on a substantial jump that increased its value by 6.51 percent. What do you think about Bitcoin, Ethereum, Litecoin, and Ripple price movements on September 30? Do you think Bitcoin will sustain its recent gains and provide further returns? Tell us in the comments section below. Images courtesy of Shutterstock and Tradingview.com Need to calculate your bitcoin holdings? Check our tools section.

 

China's blanket ban on cryptocurrencies

In mid-September, the Chinese government ruled that its citizens are not allowed to use bitcoin, Ethereum, and other major cryptocurrencies. The ban was originally implemented on September 4 but China regulators delayed the ban to allow exchanges to "comply with laws and regulations and treat clients' money interest-rate hedging." The Chinese authorities also imposed a similar ban on online gambling. Ethereum's Value Dips In a drastic response to China's move, many major players have announced that they have stopped or will stop all cryptocurrency activity in the country. Etherem CEO Hu Xingdou said that his blockchain projects will not be held by his foundation if China decides to stop the ICO. Ether too went down by 1.82 percent and currently trades at Rs.

 

Bitcoin's price finally witnessed a slight rise of 2.38% on Thursday, September 30

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The recent market instability

Following the Chinese restrictions, the markets experienced slight fluctuations in their prices. Bitcoin, being the biggest cryptocurrency by market capitalization, was particularly affected. The value of Bitcoin fell from its previous $4,000 mark to $3,483 mark in the space of one day, and followed the fall to $2,914. While the price of Ethereum declined from its all-time high to around $295 mark by Tuesday, September 27, the crypto exchange Coinbase announced it would shut down bitcoin purchases in Chinese yuan. However, it is important to note that Bitcoin and Ethereum prices have been witnessing constant recovery and recovering in the recent few days. A bitcoin is trading at the aforementioned price point after hitting an all-time low of $2,914.09 on Monday.

 

Conclusion

Since the introduction of Bitcoin and other cryptocurrencies, there have been different kinds of attempts to regulate the industry. Most of them have failed to achieve their objective as it is the inherent strength of Bitcoin, and other cryptocurrencies that make them so popular. Cryptocurrencies were meant to challenge existing banking infrastructure, and for this purpose, they needed to have enough in terms of security. However, governments and big businesses alike have been working on various ways to make such currencies be mainstream, and if there is one cryptocurrency that is worth a shot in this regard, it is Bitcoin.

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