The price of the cryptocurrency Bitcoin soared on Monday as the effects of the People’s Bank of China’s ban on all cryptocurrency trading subsided.
Cryptocurrencies have been affected since last Thursday after the People’s Bank of China continued its crackdown on cryptocurrency mining, preventing crypto firms from dealing with customers from mainland China.
The People’s Bank said all crypto-related activities are illegal in China, including services such as offering digital asset trading and clearing and issuing digital assets and derivatives.
At 9:59 GMT, the price of the largest cryptocurrency in the world was trading at an increase of 0.53 percent on a daily basis to $ 43,572 in bitcoin.
Earlier in the day, gains were at 4 percent, surpassing the 44,000-per-unit level before the gains were pared back.
The market value of the currency reached 821.21 billion dollars, with a total of 18.827 million units in circulation, out of a total of 21 million units offered for trading.
Other digital currencies, including Ethereum, the second-largest digital currency in the world by market value after Bitcoin, rose 3.21 percent to $3,092, with a total market capitalization of $364.27 billion.
Tether rose 0.03 percent to $1, with a market capitalization of $70.65 billion.
The market value of the total virtual currencies around the world rose to 1.953 trillion dollars, distributed over 9,461 virtual currencies, and they are traded through 412 platforms.
Virtual currencies do not have a serial number, and are not controlled by governments and central banks like traditional currencies, but are only dealt with over the Internet without a physical presence.