The cryptocurrency market makes a swift recovery from the plunge last week caused by China’s latest crackdown, with Bitcoin and Ether recovering most of their losses on Monday.
- Bitcoin increased to nearly $44,000 as of 1:35 pm in Hong Kong, close to the level when the PBOC on Friday announced its latest action in cracking down on crypto. Ether surpassed last week’s level at $3,100.
- Jeffrey Halley, the senior market analyst at Oanda Corp., stated that over the weekend sessions, Bitcoin has shown some resilience and has now recovered the majority of those losses.
- Crypto markets were muddied on Friday after the PBOC issued a newly restrictive ban on transactions and mining in line with several other state agencies. That step signaled that policies in China might be shifting to a more serious and coordinated level.
One area not performing well is stocks or tokens with dependence on China. Hong Kong-listed Huobi Technology Ltd., an exchange with significant mainland pressure, fell nearly 33%.
BTC USD up +0.11%, ETH USD down -0.30%, Huobi down -21.50%Source: Bloomberg