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As China relaxes Covid laws among protests, Bitcoin and Ether rise

As China announced on Tuesday that it will loosen some Covid regulations in response to protests, Bitcoin and Ether both increased in value during Wednesday morning trading in Asia. All other top 10 non-stablecoin cryptocurrencies also saw gains. The protests, which began last week and extended to numerous cities, shook the world’s capital markets.

In the 24 hours leading up to 8 a.m. in Hong Kong, Bitcoin increased 1.5% to US$16,467, while Ether increased 4.25% to trade at US$1,219, per CoinMarketCap.

In the top 10 list of CoinMarketCap, Dogecoin experienced the most gains, jumping 6.75% to US$0.10, bringing its gains over the previous seven days to 30%.

Elon Musk, a longtime supporter of Dogecoin, recently hinted that it would be integrated into payments in a redesign of the Twitter social media site, which he acquired in late October.

XRP increased 2.1% to trade at US$0.39. The advances occurred despite Coinbase Global Inc., the biggest cryptocurrency exchange based in the United States, stating that starting in January 2023, its wallets would no longer offer XRP, as well as Bitcoin Cash and Stellar tokens, citing low usage. This didn’t seem to worry investors because all three tokens climbed more than 1%.

The total market capitalization of cryptocurrencies was US$834 billion as of Nov. 9, when it was US$1.023 trillion, just before the FTX.com exchange declared bankruptcy, a drop of 18%.

In the last 24 hours, trading volume decreased 13.05% to US$43.27 billion.

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