ForexMinute.com – With only a day to go for Bitcoin exchanges in China to withdraw their funds from their state-based conventional banks, Bitcoin and other altcoins (including the top ones like Litecoin, Dogecoin, Peercoin, etc.) are showing significant improvements in their price against the US Dollar.
By the end of the week, the aforementioned event had caused a panic in the entire cryptocurrency market. The fire although is seeming to cool down a bit as every cryptocurrency in the top ten has shown improvements. The uptrend is also inspired from recent announcements made by Chinese Bitcoin Exchanges to move their accounts offshore.
Here is the report of leading cryptocurrencies in the last 24 hours:
Bitcoin recovery mode initiated with a theory that the Chinese are looking forward to convert Yuan into Bitcoin more than the Americans turning their dollars into the same. The spread is looking entirely positive for now, and is further influencing the BTC/USD charts.
On Saturday, the pair touched the peak value of around $438, but fell slightly while entering Sunday. Maybe most of the Bitcoiners are devoted Christians – PUN. Meanwhile, on Sunday, the BTC/USD remained stable throughout the day, finding its support and resistance at around $422 and $425, respectively.
As per this hour, the pair is trading at around $439, rising almost 3.5% in last 24 hours.
Litecoin, Peercoin, Dogecoin Also Surged
With Litecoin speculated to be more popular in China than Bitcoin, its recovery is more inevitable than any other altcoin. Chinese markets, despite of its negative behavior to the entire cryptocurrency community last week, it has thoroughly influenced the weekend’s uptrend in Litecoin prices against the US Dollar, like it did previously in December.
Unlike Bitcoin, the LTC/USD pair has started to improve at the end of last week, with its value reaching around $10 right before entering Saturday’s trading hours. It although fell to its day low at around $9, but then showed an unstable uptrend throughout the following hours. On Saturday, the LTC/USD value reached at the peak of $11.556, but later showed a downtrend throughout the remaining and next day. The pair closed at $10.72 yesterday and is currently trading at $11.02.
Similarly, the DOGE/USD is trading at $0.000412, rising 0.81%, while the PEER/USD is trading at $1.84, rising 3.09% within the last 24 hours.
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To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org