Conflux Blasts Off Nearly 40% In Single Day – Will CFX Soar Higher Amid Banking Crisis?
2023年3月14日 - 4:14PM
NEWSBTC
The price of Conflux (CFX) increased for the second consecutive day
as cryptocurrencies rebounded amid the ongoing crisis hounding the
banking sector. Binance reports that CFX is the top-performing
cryptocurrency on Monday. CFX achieved a peak of $0.2093, which was
approximately 50% higher than the token’s all-time low less than a
week earlier. In recent weeks, the price of CFX tokens increased by
nearly 700%, reaching a high of $0.3595. CFX was trading at $0.2599
at the time of writing, up 38% in the previous 24 hours and 31% in
the past seven days. Source: Coingecko Conflux Rises On
Legalization Of Crypto Trading In HK Conflux’s trading volume grew
in response to the enormous demand for China-related blockchains
and tokens. It is the first blockchain in China that complies with
regulatory requirements and uses the Tree-Graph consensus technique
to boost bandwidth and scalability. According to analysts, the
legalization of crypto trading in Hong Kong is the key factor
behind Conflux’s increase. The expectation is that China will soon
follow. The price of CFX has risen dramatically as word of this has
circulated. Yet, it is unclear whether this report of China opening
its market to cryptocurrencies is merely a speculation or whether
it is grounded in truth. This has not hindered Conflux users from
achieving profits in excess of 1,000%. Continual wagers that the
U.S. Federal Reserve would not be as hawkish as anticipated also
contribute to the growing price of CFX. Image: Financial Services
Compensation Scheme The majority of analysts anticipate that the
central bank will be more cautious in dealing with inflation in the
upcoming sessions due to the changing market conditions. In
February, the U.S. economy added over 300,000 jobs, according to
data released on Friday. The unemployment rate is stagnant around
3.6%, although wage inflation is declining. Experts predict
that the United States’ inflation rate remained high last month.
The blockchain’s recent agreement with China Telecom to deliver
Web3-enabled mobile devices with blockchain-powered SIM cards has
yielded substantial benefits. It is predicted that Conflux would
connect conventional industry to Web3 technologies. Conflux has
also recently formed a strategic agreement with NFT-social
media site Little Red Book. Banking Crises: A Boon For Crypto?
Banking crises can provide a favorable atmosphere for the
widespread adoption of cryptocurrencies as an alternative
investment and store of wealth. Reduced confidence in conventional
banking institutions, inflation fears resulting from the printing
of more currency, and a rise in demand for safe-haven assets can
all contribute to this. Related Reading: Cardano Sheds 23% In Value
As ADA Woes Pile Up – Here’s Why CFX total market cap at $674
million on the daily chart | Chart: TradingView.com Related
Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt
SVB Contagion Some investors view cryptocurrencies as a safer
choice because of their limited supply and decentralized nature.
Meanwhile, the global crypto market capitalization recovered and
reclaimed the $1.02 trillion milestone over the weekend, following
several days of decline. At the time of writing, the
global crypto market valuation was $1.03 trillion,
representing an 8.33% increase over the previous 24 hours.
-Featured image from NASA
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