Despite China’s bitcoin crackdown, cryptocurrency markets achieved another successful advance on Tuesday. Both bitcoin price and ethereum posted gains, with the two leading cryptocurrencies poised to cross a significant threshold.
Initially, it appeared that China would ban bitcoin exchanges but allow over-the-counter (OTC) trading to continue. However, Chinese officials reportedly held a closed-door meeting with cryptocurrency industry executives and communicated that all bitcoin trading was a violation of financial regulations. News of this more comprehensive crackdown has led to worries that regulators will target cryptocurrency mining next.
Nevertheless, the markets demonstrated resilience in the face of this worrisome news. After beginning the day close to $132 billion, the total cryptocurrency market cap rose to $141 billion–its highest mark since September 13. The crypto market cap dipped after peaking at that point and currently sits at $137 billion, which represents a daily gain of about $5 billion.