Cryptocurrency news: Cardano declines by 4.7%; XRP slips by 2.7%

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Eight of the top ten cryptocurrencies were trading in red on Wednesday, with Cardano showing the highest decline of 4.74% to $2.06. While XRP fell by 2.70% to $0.90. Similarly, Polkadot and Dogecoin slumped by 2.64% and 1.62%. USD Coin and Solana were the only gainers by 0.01% and 0.37%. The world’s second largest token Ethereum decreased by 2.59% to $2,874.08. Bitcoin, the oldest and the biggest cryptocurrency in the world slumped by 1.64% to $41,764.38. In terms of ranking, Cardano slipped to the fourth position, while Tether USDT went up to the third position.

Cryptocurrency prices

*All prices as of 29th September 2021, at 8:13 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.14

Lawmakers in America cheer Chinese ban on cryptos

American lawmakers have hailed the blanket ban of China on all kinds of crypto activities and trading on September 24th and called it as a great opportunity for America to assert its dominance in the cryptocurrency market.

According to Bitcoin.com Pennsylvania Senator Pat Toomey said that the authoritarian crackdown by China on cryptocurrencies including Bitcoin will be a great opportunity for America and it serves as a reminder of the great structural advantages it has over China.

A lawmaker from Ohio tweeted about America’s opportunity to welcome true distributed ledger technology and protect personal digital wallets, with the cryptocurrency’s expulsion from China.

Crypto exchanges sever ties with Chinese clients

Crypto exchanges and service providers are in a rush to cut-off its ties with mainland Chinese clients, after the country’s right ban on all cryptocurrency trading mining, the biggest ever by a major economy.

Shares of various Chinese firms related to cryptos had a downward spiral which closed off loopholes left in previous regulatory crackdowns on the sector. On the other hand, many companies have already shifted their key portions of their business outside of China.

Huobi Global and Binance, two of the largest exchanges in the world, which are also popular in China said that they have stopped new registration of accounts by mainland customers. Huobi also said that it will remove the existing ones by the end of the year.