InstaForex

September 30, 2021

Because of China, DYDX Pacu More than 100% Recorded the Latest ATH!

 DYDX, the native token of the decentralized exchange (DEX) dYdX posted an increase of more than 100% this week following China’s recent ban on the crypto trading sector.


The price of DYDX earlier this morning has reached an all -time high (ATH), $ 27.78 after hitting $ 13 last week, making a jump of 112.3%.


On September 24, China’s central bank, the People’s Bank of China (PBOC) banned cryptocurrency trading activities in the country, inviting major repercussions:


Huobi and Binance who have deleted all new Chinese user accounts, including existing accounts.

Huobi native token, HT declined 52.64%, OKEx native token (OKB) declined by 43.87% after two days of PBOC announcement.

Ethereum mining pools such as Sparkpool and BeePool are closed.


China’s sanctions have indirectly driven increased interest in dYdX which offers margin, perpetuals, and spot trading, including lending services to its users.


Investors are also more comfortable to move to DEX as they are not tied to with third parties or intermediaries and do not apply the Know Your Customer (KYC) procedure.


Excitingly, dYdX trading increased to $ 4.3 billion compared to Coinbase's only $ 3.7 billion.


At the time of writing, dYdX is trading at $ 26.76 with an 8.44% jump in 24 hours.