ForexMinute.com – Bitcoin and other altcoins made progress on Tuesday as almost each one of them saw a massive rise in their price against the US Dollar. The day also marked the much-hyped deadline issued by the PBOC to halt Bitcoin exchange accounts from conventional banks in China. The same news had recently sent shivers to the entire cryptocurrency market, due to which Bitcoin prices were once dropped to a low of $355.
Earlier, BTC Trade and Huobi – two of the major Chinese Bitcoin Exchanges – had acted on the aforementioned orders by PBOC and closed their accounts way before touching the deadline. Both the banks said to have received a phone call from their respective banks regarding the request to close their accounts. Exchanges like OKCoin had also made plans to move their work offshore where they can work freely, ineffective from the Chinese government’s irregular takes on Bitcoin.
On the other hand, BTC China was among such exchanges which, from the first day, has been asking for a formal notice from Chinese banks and PBOC especially. “As far as we know it is business as usual,” CEO Bobby Lee told media. “We have not received any calls or any changes in regulation.”
Meanwhile, Bitcoin prices have been a perfect replica of these events, which has further created a ripple effect that is impacting other cryptocurrencies as well. See how:
The BTC/USD trading has been a vivid example of volatility in recent weeks. On Thursday last week, the pair had fallen around 40%, owing to the aforementioned events. But as April 15 approached, the market fear lost its grip alongside. On Tuesday 0000 hours UTC, the BTC/USD was trading at around $428. The following hours showed significant improvements as China continued to inject Yuan into the Bitcoin markets. This resulted in a stable uptrend, in which BTC/USD reached at its 1-week-peak at around $467.
As of today, the market sentiment towards BTC/USD is quite lenient, and the pair has been able to cross the $500 mark once again, rising around 6%. It although is trading at $495.46 at the time of writing, but is just short of reaching the $500 mark, as supplemented with various positive buzz regarding Bitcoin ATMs and merchants investing into the currency as well.
Litecoin, Dogecoin, Peercoin Also Rises; Blackcoin Stumbles
The Bitcoin’s impact is indeed on its altcoins as well. The LTC/USD price has jumped to a comfortable $12.62, rising 10.51% in the last 24 hours. And the DOGE/USD has also risen to $0.000544, rising a massive 20.15% within the same time period.
Peercoin although had a special day indeed. Not only has its price risen substantially against the US Dollar – 35.50% in the last 24 hours, reaching $2.70, its market cap has also surged to third place, beating Ripple.
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To contact the reporter of this story: Yashu Gola at email@example.com