Chinese Coin Leading On As Crypto Markets Resurrect Amid China’s Cryptographic Policies


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Chinese Coin Leading On As Crypto Markets Resurrect Amid China’s Cryptographic Policies

Many Chinese cryptocurrencies are surging up massively following China’s recent blockchain policies implementation. Among the most notable coins leading the bull run are NEO and TRX, both of which lead a pack of coins which have surged by at least 25% individually within the past 48 hours.

TRX Is Up By 24% In 24 Hours

TRON (TRX) is the best performing cryptocurrency among the top 20 in the last 24 hours. TRX has responded positively to a series of recent occurrences and events which range from China’s cryptographic policies implementation down to TRON Foundation’s inbound partnership which was revealed recently.

TRX gained about 24% in price against the USD within the last 24 hours. The price surge is a continuation of a steady price rise action seen since major alts began to trial BTC’s price surge as soon as China’s President gave an impressive blockchain speech last week. At the time of writing this piece, TRX is changing hands at $0.02057, having moved up by around $0.00416 within the described time frame.

tron
7 days chart | Source: Cointasts

NEO Picks Up A Bull Run, Gains Massively

NEO is one of the most influential Chinese cryptocurrencies which have shown great possibilities ever since China’s news was released. Like TRX, NEO also gained considerably alongside other Chinese cryptocurrencies. Coming second on the list, NEO has gained more than 16% within the last 24 hours in what can be described as the most notable positive price action since last quarter. NEO is currently changing hands at $11.72 after gaining about $1.31.

Neo
7 days chart | Source: Coinstats

China Now Seen As The Most Important Crypto Influence

The news of China’s cryptography laws came as a surprise to many. Having worked against cryptocurrencies for the past years, the country is now taking bold steps to ensure the sustainability and adoption of blockchain technology. According to a recent report by Coingape regarding the matter, the 14th meeting of the Standing Committee of the 13th National People’s Congress was held on the 26th and the committee voted to pass the cryptography law. The law will be in effect on January 2020. The newly passed law aims at standardizing the application and management of passwords.

China has been on a race to issue a national cryptocurrency, which many believe is a countermeasure to dilute the effect of the much controversial Facebook Libra. Coming to be known as the digital Yuan, China’s proposed cryptocurrency is inactive developmental stage and will be launched in no distant time.

Author: Dare Shonubi
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com
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Dare Shonubi 247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com
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