Another week of wild volatility has hit the cryptoasset market, as China’s latest ban collides with accelerating adoption to catalyze big market swings.
First, fears of the financial collapse of Chinese developer Evergrande sent crypto sliding last Monday, before the market turned around as Twitter added Bitcoin tipping. El Salvador’s President Bukele then bought the dip, only for the gains to be erased on Friday as Chinese authorities announced yet another crypto crackdown.
When the dust settled, Bitcoin and Ethereum were both sitting slightly higher with 2% and 5% weekly gains respectively. DeFi tokens however, enjoyed even bigger wins in anticipation of more Chinese users being forced into the DeFi wilderness. Exchange protocol Uniswap has risen 23%, while up-and-coming platforms Tezos and Cardano are celebrating 25% and 8% gains.
This Week’s Highlights
China ban fails to sink Bitcoin Twitter accelerates crypto adoption eToro launches DeFi Portfolio China ban fails to sink Bitcoin
Digital asset traders were