Uniswap Up 40%, Ether 13% And Chinese Crypto Ban Is Great News For Bitcoin

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The crypto market experiences a bounce as the market opens for a week of trading on Monday. At the time of writing, Bitcoin is back around $44k and Ethereum sees a 13% bounce up to $3,100.

Further down the list of CoinMarketCap we must note the stellar bounce back of Uniswap.

As one of the core products in the DeFi ecosystem, it noticeably gained some 40% this morning. Over in global news commentary, more and more people are not convinced anymore that the Chinese crypto ban is necessarily bad news for Bitcoin.

Miners windfall

Back in May of this year, Bitcoin started to slide when the Chinese government announced a crackdown on Bitcoin miners on its territory. However, as this turned out to mean a windfall for all miners over in the US, Bitcoin rebounded when it hit $30,000 and went all the way up to $53,000 again.

This time round, in the midst of the Evergrande scandal (two Chinese cities decided to keep all of Evergrande’s bank accounts frozen on Sunday already), the Beijing government decided to keep the press busy with a full crypto ban in the Middle Kingdom.

Great news

However, according to Ross Gerber, Gerber Kawasaki Wealth & Investment Management CEO, this is actually:

Great news for bitcoin. The last thing we want is China [to be] involved in a currency of the world.

Ross continued:

The real issue is about control, and what governments don’t like is [that] bitcoin takes control of people’s monetary futures away from governments and [places it] in the hands of individuals. And that’s exactly what’s happening… globally, right now.

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Senator Pat Toomey (@SenToomey) September 24, 2021

US politicians seem to agree with that view. With 15% of Americans now holding crypto, Republican Senators like Pat Toomey know that showing some sympathy to crypto is handy. In a recent tweet, he stated:

China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S.

It’s also a reminder of our huge structural advantage over China.

natanaelginting / Depositphotos.com