News
The Rally: Ethereum, Bitcoin Prices Lead Markets to $20 Billion Advance
The crypto markets rallied on Saturday, thrusting off the fear, uncertainty, and doubt caused by China’s antagonistic stance toward bitcoin exchanges. The bitcoin price led the advance, leaping as much as $800 at one point during the day. The ethereum price joined the surge, climbing more than $50 for a 17% daily gain. Altogether, an astonishing 92 of the top 100 cryptocurrencies experienced 24-hour increases greater than 10%.
bitcoin price
Prior to the rally, closure notices from prominent Chinese bitcoin exchanges–including BTCC–had caused the total cryptocurrency market cap to sink below $100 billion. However, two of the country’s largest exchanges–OKCoin and Huobi–announced that they are suspending CNY trading pairs by the end of October but did not say they were suspending all trading. This led to speculation that these exchanges will be allowed to remain open and provide cryptocurrency-to-cryptocurrency trading pairs to their users.