Cryptocurrencies bounce back from China crackdown

FILE PHOTO: Representations of cryptocurrencies Bitcoin and Ethereum are positioned on PC motherboard on this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

SINGAPORE (Reuters) – Cryptocurrencies traded firmly on Monday, having rebounded from promoting pushed by an intensifying crackdown on the asset class in China, as buy-the-dip speculators swooped in.

Bitcoin was up about 1% in Asia commerce at $43,719, having fallen to simply under $41,000 within the wake of Friday’s announcement of a blanket ban on crypto mining and transactions in China – probably the most wide-ranging clampdown but.

Rival token ether rose 2% to $3,136 and has recouped its Friday losses.

Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman

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