By Alicia Maher
Today, the cryptocurrency market graced everyone with some positive news as the total value of the digital assets rose past $2T. This news came as a result of the impressive performances pulled by the flagship crypto bitcoin and Ether.
BTC rose 4.7% in the past 24 hours, posting an intraday high of $44.7K on Tuesday morning. Presently, the overall BTC market has recovered almost $90B in the last day. Crypto data provider CoinGecko reveals that the OG coin increased 14% over the previous fourteen days, leading to the overall crypto market recovery.
Ether and BNB Post Reasonable Gains
Meanwhile, ether, the second-largest coin based on market capitalization, gained 8.2% in the last day, exchanging hands at above $3k as of the time of this writing. Other significant cryptos that contributed to the market’s rise are Binance Coin and Solana.
BNB, the native coin of Binance, surged 8.5% in the last 24 hours, trading at $428 in the current market. SOL recorded a massive 11.4% incline, exchanging hands at a value of $103.
Crypto Market Rebounds After Canada’s Controversial Decision
The market is riding well on the back of the news coming from the Canadian government. Earlier today, the government decided to invoke the Emergency Act of 1988 to impede funding to truck drivers, also known as Freedom Convoy.
Last week, truck drivers took to the street to protest against the forcefully imposed local Covid-19 restrictions. The government demanded that truck drivers be vaccinated against the spread of the deadly virus to the disapproval of the Freedom Convoy. Online crypto crowdfunding platforms funded the protests.
Canada’s PM Justin Trudeau and cabinet members addressed the country on Monday, disclosing that the decision to invoke the controversial Act would buy the government some time to take further steps. That includes the freezing of protesters’ bank accounts.
While addressing the challenges faced by law enforcement in implementing the law, Trudeau said that the government “can’t and won’t allow illegal activities to continue.” The measures will allow the government to control crowdfunding platforms that finance the protests.
Chrystia Freeland, the DPM, said the government prioritizes stopping the financing of illegal blockades, adding that anyone whose truck is used in the protest will have their accounts frozen. She urged credit card processing companies to report any campaign promoting or funding the protest to FINTRAC, Canada’s anti-money laundering unit.
Also, the police will work with banks to report any account that may be used to fund the protests. Insurance companies may be mandated to revoke vehicle insurances of the protesters or those whose vehicles were used.