Sunday, September 17, 2017

Even with China cracking down on cryptocurrency exchanges, trading volume for digital money hits new all-time high

As sovereign governments and even Wall Street bankers publicly castigate or impose severe regulations on cryptocurrencies, daily trading of the myriad of digital currencies hit a new all-time high on Sept. 15 of over $11 billion.

Cryptocurrency trading volume reached a new milestone on Friday, crossing $11 billion for the first time amid regulatory uncertainty in China. 
According to data obtained from CoinMarketCap, the combined 24-hour trading volume of all cryptocurrencies rose to $11.5 billion shortly after 16:00 UTC. The only other time daily trading volume has surpassed $10 billion was on August 19, when it briefly spiked to $10.5 billion. 
Bitcoin topped the charts with $4.2 billion in volume, while ethereum and litecoin posted $1.9 billion and $1.5 billion, respectively. In all, 10 different currencies posted volume greater than $100 million. – Crypto Coins News
In total the market cap for cryptocurrencies is around $165 billion, making the industry as a whole bigger than many blue chip companies such as General Motors, Fed-Ex, and even Sony.

With sovereign currencies going through their own issues of devaluation and loss of purchasing power, cryptocurrencies are becoming a go-to alternative to transfer wealth from one currency to another.  And despite the fact that China is cracking down on the easiest ways to buy and sell cryptocurrencies by either shutting down, or highly regulating cryptocurrency exchanges, their actions do not appear to be slowing down a consumer's ability to purchase them.

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