Cryptocurrency markets have shown signs of stability and renewed growth after a rough month of bad news coming out of China.
A the beginning of the month, the Chinese government banned ICO token sales, resulting in an industry-wide market crash. More recently, rumors circulated about further causes for worry from China. These ranged from select exchanges to be banned or shut down to Bitcoin itself being banned, and the resulting uncertainty took its toll in the markets.
WSJ: "China to shut down Bitcoin exchanges". Looks like some of the FUD was justified then. https://t.co/eH5dLExYum pic.twitter.com/9og7hnTOAT
— Tuur Demeester (@TuurDemeester) September 11, 2017
Markets took a hit, but have stabilized
Following the uncertainty stemming from Chinese regulations, the cryptocurrency markets have since stabilized. The initial hit from China’s ICO ban dropped the markets from $178 billion to $137 billion over the first week of September, which then recovered to around $164 billion on the 8th. Renewed rumors of a Bitcoin ban dropped cryptocurrency back to $137 billion, which has since recovered to $151 billion.
You'd think demand toward #bitcoin in China would decrease after exchange ban talks but not at all. In fact, the opposite. pic.twitter.com/IpoZXcXQVl
— Joseph Young (@iamjosephyoung) September 11, 2017
Dash has similarly seen a growth spurt from investors capitalizing on temporarily lowered prices. Over the past week, 67 new masternodes have come online. As each masternode requires a collateral of 1,000 Dash in order to run, this represents an investment of 67,000 Dash, or over $15 million, in the past week in masternodes alone.
Bubble or not, crypto rise may be far from over
Despite recent market setbacks, cryptocurrency is still on a significant rise. The current dip to around $150 billion is still above the all-time high reached in mid-August, compared to $110 three months ago and around $20 billion at the beginning of the year. Dash has remained relatively stable over the last week, is up over 50% from $200 over the last month, and nearly three times the first impressive jump to $109 in March. The price has multiplied over 25 times since January, and now Dash claims a monthly treasury budget of over $2 million along with its $2.5 billion market cap.
Stabalized? I don’t think so. Bitcoin and alts went down again today 🙁 Still, just another opportunity to buy in again.