The cryptocurrency market has rebounded after a series of turmoil last week as a result of China's crackdown, with currencies such as Bitcoin and Ethereum recouping most of their losses on Monday.
According to Arabnet, Bitcoin rose 4% in the last 24 hours to the highest level of $44,000, levels it fell from when the People's Bank of China announced on Friday its latest steps to limit the cryptocurrency's rally. While Ethereum broke its top last week at $3,100, up 6.57%.
Over the weekend, Bitcoin has shown some resilience and has now regained the majority of it,' said Jeffrey Haley, chief market analyst at crypto exchange Oanda, in a note on Monday. those losses. The strict measures previously announced by China may have already been included in the prices.
Cryptocurrency markets were in turmoil on Friday when the People's Bank of China issued a new restrictive ban on transactions and mining, in cooperation with several other state agencies. This move suggests that politics in China may be heading toward a more serious and coordinated level. Meanwhile, previous statements from Beijing on the crypto bans haven't completely killed the country, so some traders were more optimistic about the impact.
The biggest impact was on the Hong Kong-listed Chinese crypto exchange Huobi Technology Holdings Ltd, whose shares fell as much as 33%. Its cryptocurrency, Huobi Token, is down around 10% in the past 24 hours.
Meanwhile, Fujian-based software company Meitu Inc fell 6.1%, and on the other side of the globe, shares of MicroStrategy Inc. fell by up to 6.7% on Friday in the United States, which is the largest investor in Bitcoin.
