Major cryptocurrencies rebounded back to levels seen before Beijing’s latest crypto crackdown, Bloomberg reported.
- The biggest digital token, Bitcoin, rebounded to about $44,000 as of 1:35 p.m. in Hong Kong, hovering around the level when China’s central bank made its latest order banning all crypto transactions. Ethereum also surged $3,100.
- Analysts believe Bitcoin showed resilience and have recovered from the losses, as the current prices may already factor in the previously announced crackdowns, including Friday’s.
- The People’s Bank of China last week issued a new set of restrictions on all transactions related to cryptocurrencies, with the establishment of an inter-agency body to oversee efforts.
Stocks and tokens with significant reliance on Chinese crypto have recorded a significant decline. BTC is down 0.23%, ETH is down 0.45%, and XRP down 0.42%.