- At press time, BCH price had risen by 52% in the last seven days and 28% in the last 24 hours.
- BSV, on the other hand, had gained 77% in the last seven days and 30% in the last 24 hours
- Bitcoin (BTC) has only gained 15% over the last seven days.
Recently, attention has been focused on Bitcoin (BTC) and its hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV) that split off from the main chain. In the last seven days, the prices of BSV and BCH have skyrocketed, outperforming even BTC.
Despite the markets showing a consolidated trend after the recent price movements, prices of most cryptocurrencies are still skyrocketing with BCH and BSV being among the top three gainers today falling behind Waves (WAVES) which has shot up by 85% today.
Crypto market breakout after US SEC onslaught
However, the drop did not last long. The prices were up again after industry heavyweights like BlackRock, Invesco, and WisdonTree threw their weight behind the industry. The other force behind the current crypto market boom is the emergence of China back into the cryptocurrency space.
China’s stand on cryptocurrencies
The historical relationship between China and cryptocurrencies has been quite complicated, with frequent bans that have always had an effect on the entire crypto market.
China has a history of opposing cryptocurrencies despite the fact that it was once the bedrock of most crypto activities including Bitcoin mining. The People’s Bank of China (PBC) made its initial attempt in 2013 when it forbade financial institutions from dealing in virtual currencies. Afterwards, authorities tightened their regulations of cryptocurrencies in 2017, especially targeting Initial Coin Offerings (ICOs).
Later in 2021, China took the toughest action and outlawed cryptocurrency mining causing a more than 50% decline in the crypto markets.
But recently, China has changed how it views cryptocurrencies. Beijing recently published a whitepaper titled “Web3 Innovation and Development White Paper (2023)” that promoted Web3 technology as a crucial element of the internet’s future development.
If China was to completely lift the crypto ban or ease its stand, the global markets could be deeply impacted, stimulating global demand and boosting prices. However, at the moment, everything is still surrounded by speculations going by what has been happening.