Ethereum On A Strong Rebound As Bitcoin-Led Crypto Markets Shrug Off China's Umpteenth Ban, Dogecoin Flat - Benzinga

Dogecoin (CRYPTO: DOGE) traded flat on Sunday night but other major cryptocurrencies were on a rebound as the global cryptocurrency market capitalization rose 1.64% to $1.91 trillion.

See Also: How To Buy Dogecoin (DOGE).

The second-largest cryptocurrency by market cap has declined 5.64% over a seven-day period.

The apex cryptocurrency, Bitcoin (CRYPTO: BTC), rose 2.49% to $43,557.07 over 24 hours.

Why It Matters: On Friday, major cryptocurrencies nosedived after China’s central bank, the People’s Bank of China, repeated its warning on virtual assets not being legal tender in the country.

“Each time this happens [China bans cryptocurrencies], the markets react with a price drop, each time the effect is smaller and more short-lived.

The ‘China bans bitcoin’ story has gained almost a meme-like status in the bitcoin community because of this,” said Ulrik K.

“It would seem like a negative thing to have China ban bitcoin and cryptocurrencies, but the market barely cares after the 100th time,” said cryptocurrency entrepreneur Anthony Pompliano, as per CoinDesk.

Read Next: Dogecoin, Bitcoin, Ethereum See Buying Opportunity After Another China Crackdown.

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