Cryptocurrency news: Binance Coin inclined by 12.4%; XRP climbs by 5.1%

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Nine of the top ten cryptocurrencies were trading in the green on Thursday, with Binance Coin showing the highest gain of 12.47% to $378.97. While XRP increased by 5.11% to $0.95. Similarly, Polkadot, Dogecoin and Cardano increased by 4.29%, 2.52% and 2.83%. Bitcoin, the world’s biggest and oldest cryptocurrency increased by 4.01% to $43, 435.86. The world’s second-largest token Ethereum increased by 4.39% to $2,995.51. In terms of ranking, all the cryptocurrencies remained in the same position in the last 24 hours.

Cryptocurrency prices

Chinese ban on crypto is due to communist party maintaining power grip: Elon Musk

The recent ban on Bitcoin and other cryptocurrencies is due to the ruling Communist party’s concern that technology could undermine its power, Tesla CEO Elon Musk said at the Code Conference in Los Angeles.

Musk further said that government regulators should do nothing and just let it fly, in response to a question on the spread of cryptocurrencies.

Lawmakers in America cheer Chinese ban on cryptos

American lawmakers have hailed the blanket ban of China on all kinds of crypto activities and trading on September 24th and called it as a great opportunity for America to assert its dominance in the cryptocurrency market.

According to Bitcoin.com Pennsylvania Senator Pat Toomey said that the authoritarian crackdown by China on cryptocurrencies including Bitcoin will be a great opportunity for America and it serves as a reminder of the great structural advantages it has over China.

A lawmaker from Ohio tweeted about America’s opportunity to welcome true distributed ledger technology and protect personal digital wallets, with the cryptocurrency’s expulsion from China.

Crypto exchanges sever ties with Chinese clients

Crypto exchanges and service providers are in a rush to cut off their ties with mainland Chinese clients, after the country’s right ban on all cryptocurrency trading mining, the biggest ever by a major economy.

Huobi Global and Binance, two of the largest exchanges in the world, which are also popular in China said that they have stopped new registration of accounts by mainland customers. Huobi also said that it will remove the existing ones by the end of the year.