Crypto assets are now recovering amid the negative news and regulations it faces this past months.
As of posting, different crypto assets such as Bitcoin up 8%, Ripple up 10% and Ethereum up 6% as cryptocurrency surge hits markets.
The value of Ripple surged over a dollar for the first time in more than a fortnight as the value of the cryptocurrency market rose above $400 billion, according to CoinMarketCap.
Also, CoinMarketCap says that forty eight out of the 50 digital currencies listed on the industry website were up, with Ethereum and Litecoin seeing rises of 6.3% and 6.2% respectively.
Last Monday, London Block Exchange said on their report that the rises are still not impressive in context of the broader decline of the crypto market.
‘Taking a step back, since last Wednesday, bitcoin and the majority of alternative cryptoassets have been trading sideways, showing some bullish signs – such as making higher highs and dipping to higher lows – but the market still hasn’t left its rather long downtrend,’ London Block Exhange said.
The markets’ recent price rises are under threat from a crackdown in Hong Kong.
Furthermore, there is circulated information that Beijing is about to forbid its people from using exchanges based in other countries, which would make it difficult if not impossible for most Chinese people to buy and sell Bitcoin, Ripple, Ethereum or other cryptocurrencies.
It can be remembered that China has already banned cryptocurrency exchanges and initial coin offerings (ICOs), the name for a process in which a company founds its own virtual currency and then sells a percentage to investors in order to finance a business.
Hong Kong regulator the Securities and Futures Commission (SFC) said on Friday it would crack down on cryptocurrency exchanges that operate in the Asian financial hub without a license or violate local securities laws.
The SFC said it had received investor complaints they were unable to withdraw cryptocurrencies from their accounts with some exchanges, and that they had suffered significant losses due to ‘technical breakdowns’ of the platforms.