Major crypto coins started to recover on Monday, following last week’s massive sell-off in the wake of China’s blanket ban on virtual currency-related businesses.
Bitcoin has rallied to about $44,000 per coin, nearing the level it was trading on Friday before the People’s Bank of China announced that crypto transactions in the country are illegal. Meanwhile, ether broke above last week’s level, trading up by more than 5% at $3,110 as of 10:47 GMT.
“As the FUD (fear, uncertainty and doubt) around the cryptocurrency ban in China is slowly leaving the market, there is a sense of stability across the crypto spectrum. With bitcoin surpassing the $44,000 mark, most of the other top cryptocurrencies followed suit. The coming 24 hours could be a period of stability across the crypto spectrum,” Edul Patel, CEO and co-founder of Mudrex, told the Economic Times. (RT)
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