• Conflux price has gained over 500% in value in 30 days, reaching $0.16 at the time of writing.
• Despite this impressive performance, a retracement could be looming due to regulatory pressure from the United States Federal Reserve and the Securities and Exchange Commission (SEC).
• Many investors are optimistic that CFX will become China’s version of Ethereum, although it remains to be seen if it will reach such heights.
Conflux Price Skyrockets 33%
Conflux price has skyrocketed 33% in 24 hours to trade at $0.16 at the time of writing. This impressive surge follows a 500% increase in value over thirty days.
Fear Of Missing Out
The Fear of Missing Out (FOMO) appears to be driving investors to buy CFX, the token powering Conflux, a hybrid blockchain-based out of China. Conflux combines proof-of-work (PoW) and Proof-of-Stake (PoS) consensus algorithms for enhanced security.
Conflux price spiked above $0.05 but was cut short by profit taking and pressure on the crypto market from the United States Federal Reserve’s decision to raise interest rates by 25 basis points. As a result, Conflux price dropped back down to test support at $0.05 last week as regulatory pressure mounted on the market from both the US Federal Reserve and SEC’s staking rules for retail customers.
Will CFX Become China’s Version Of Ethereum?
Many investors are optimistic that CFX will grow to become China’s version of Ethereum though only time will tell whether this prediction comes true or not.
It remains unclear how Conflux prices will react with increasing regulatory pressure on cryptocurrencies but many investors remain hopeful that CFX can become China’s version of Ethereum should conditions permit for growth and development in its technology infrastructure.