Cryptocurrency news: Polkadot gains by 2.3%, Binance Coin increases by 1.8%

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Six of the top ten cryptocurrencies were trading in green, with Polkadot showing the highest gain of 2.33% to $28.76, while Binance Coin was up by 1.89% to $385.00. Similarly, Solana and Tether USDT also inclined by 0.19% and 0.01% respectively. On the other hand, Cardano, XRP, USD Coin and Dogecoin declined by 0.33%, 0.30%, 0.01% and 0.04%. Bitcoin, the world’s biggest and oldest cryptocurrency increased by 0.76% to $43, 536.49. The world’s second-largest token Ethereum increased by 0.76% to $3,003.27. In terms of ranking, all the cryptocurrencies remained in the same position in the last 24 hours.

Cryptocurrency prices

Investors could be punished as China slams door on Cryptos

Due to the recent ban by Chinese Authorities on cryptocurrency trading and mining late last week to close regulatory loopholes, many crypto holders are still scrambling to deal with the fallout.

In the last several years, companies in tech industry that made big bets on crypto, may be left with limited options for cashing their holdings.

The People’s Bank of China’s directive said that all virtual currency related businesses are illegal, cutting the country off from overseas crypto exchanges. This move could potentially punish investors who deal with overseas exchanges.

Chinese ban on crypto

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 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.