Despite China's Attack, Crypto Start the Week on the Rise

Despite China's Attack, Crypto Start the Week on the Rise

After China's prohibition, everybody wondered what will happen to crypto. Keep reading to find out what happened. Read on!

After China's prohibition, everybody wondered what will happen to crypto. Keep reading to find out what happened. Read on!

The week started in a positive way for the main cryptocurrencies, whose prices woke up this Monday, with Solana (SOL), Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX) as the most prominent tokens.

It is that after living a Black Friday, where values plummeted more than 8% after the prohibition against cryptoactives applied by China was announced - with a strong statement issued by its Central Bank -, the trend began to reverse.

The week started in a positive way for the main cryptocurrencies, whose prices woke up this Monday, with Solana (SOL), Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX) as the most prominent tokens.

Thus, SOL and AVAX averaged an increase of 6.5 to 7%, while Bitcoin (BTC) and Binance Coin (BNB) marked an appreciation of more than 0.5%.

For its part, Axie Infinity (AXS), one of the cryptocurrencies with the greatest impact in recent months, also started the week on the rise (5.15%).

China announced a ban on the exchange, obtaining and circulation of cryptocurrencies, considering them illicit, even if they operate on platforms outside the country.

Thus, SOL and AVAX averaged an increase of 6.5 to 7%, while Bitcoin (BTC) and Binance Coin (BNB) marked an appreciation of more than 0.5%.

From the People's Bank of China (PBOC), the Asian giant launched a new offensive against these digital assets, a measure considered by many experts as a media maneuver to reinforce the momentum of its eyuan

In the official statement, the PBOC stressed that digital currencies "do not have the same consideration as traditional currencies", for which it emphasized that "they are not legal and should not be used as such in the market."

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