Crypto Prices Surge as Traders Anticipate Bitcoin Halving, China Warms to Blockchain Technology
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Bitcoin, ethereum, XRP, solana, and other cryptocurrencies have surged in price recently. Traders are anticipating major moves ahead of bitcoin's 2024 halving event.
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China has quietly changed its stance on crypto, now saying it will support the development of web 3.0 technologies like NFTs, metaverse, and decentralized apps.
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This is a shift from China's 2021 crypto crackdown when it banned crypto trading and mining. However, China continues developing its digital yuan CBDC.
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Crypto's total market cap recently matched its 2021 peak of $1.65 trillion before some profit-taking brought it back down. The market lacks significant news and is driven by momentum trading.
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China's renewed interest in crypto tech like NFTs and metaverse comes as bitcoin, ethereum, XRP, solana, and other coins see major price rises recently.