• At the time of writing, the price of BCH has increased by 52% in the last 7 days and by 28% in the last 24 hours.
  • BSV, on the other hand, is up 77% over the past seven days and 30% over the past 24 hours.
  • Bitcoin (BTC) is only up 15% over the past seven days.

Recently, attention has been focused on Bitcoin (BTC) and its hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV), which are separated from the main chain. BSV and BCH have surged in price over the past seven days, surpassing even BTC.

Despite the market showing a consolidation trend after the recent price volatility, most cryptocurrencies’ prices are still skyrocketing, with BCH and BSV among the top three gainers today, at 85 today. It falls short of Waves (WAVES), which soared 100%.

Cryptocurrency market breaks after US SEC onslaught

The market plunged after the SEC filed a lawsuit against Binance and Coinbase for violating US rules and regulations.

However, the decline did not last long. Prices rose again as industry heavyweights such as BlackRock, Invesco and Wisdon Tree stepped up behind the industry. Another factor behind the current crypto market boom is China’s re-emergence in the crypto space.

China’s position on cryptocurrencies

The historical relationship between China and cryptocurrencies is highly complex, with frequent bans and constant impacts across the cryptocurrency market.

China has a history of opposing cryptocurrencies, even though it was once the foundation of most cryptocurrency activity, including bitcoin mining. The People’s Bank of China (PBC) made its first attempt in 2013 to ban financial institutions from trading cryptocurrencies. Subsequently, authorities tightened regulation of cryptocurrencies in 2017, especially for Initial Coin Offerings (ICOs).

In late 2021, China took the toughest measures, outlawing cryptocurrency mining, causing a drop of more than 50% in the cryptocurrency market.

Recently, however, China has changed its view on cryptocurrencies. The Beijing Municipality recently released a white paper titled “Web3 Innovation and Development White Paper (2023)”, promoting Web3 technology as an important factor in the future development of the Internet.

If China completely lifts its ban on cryptocurrencies or eases its position, global markets could be severely affected, stimulating global demand and pushing prices higher. But at the moment everything is still surrounded by speculation considering what is going on.

By Jules

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