thenewscrypto.com
- Conflux (CFX) has risen in value for the third day in a row.
- The massive interest in blockchains and tokens with Chinese connections drove up volume.
With his reelection, Chinese President Xi Jinping has begun his third term, which will have significant repercussions for domestic Chinese cryptocurrencies like Conflux (CFX).
Conflux (CFX) has risen in value for the third day in a row as the cryptocurrency market as a whole experience a recovery in the midst of the continuing crisis affecting the banking industry. Soon after, the announcement of CPI statistics added more upward pressure on the cryptocurrency market.
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CMC reports that the highest price CFX hit today was $0.3331, a rise of 53% over the prior 24-hour period. The price of CFX tokens has risen rapidly in the last few weeks, from $0.0125 to a recent high of $0.3595, an increase of about 700%.
The massive interest in blockchains and tokens with Chinese connections drove up trade volume on Conflux. It’s the first Chinese blockchain to adopt the Tree-Graph consensus method, which improves both bandwidth and scalability, meeting all applicable regulations.
Analysts argue that the recent approval of cryptocurrency trading in Hong Kong is the driving force behind Conflux’s price surge. A similar move by China is anticipated.
When news of this increased demand for CFX, the price shot up. The news of China opening its market to cryptocurrency has been met with skepticism, though. On the other hand, users of Conflux have reported returns of over 1,000% despite this.
The current upswing due to the CPI data release is the cherry on top. Bitcoin’s price soared beyond $26,000, while Ethereum’s price surpassed $1,700.