Bitcoin reclaimed $44,000 on Monday, almost the level it was trading before China’s central bank announced crackdowns on cryptocurrencies on Friday.
Fig: Bitcoin and Ethereum Prices
Ethereum also recovered to trade above $3,100, the level it was when the People’s Bank of China hinted at tough crypto policies
Analysts now say that the recovery in Bitcoin and Ethereum shows that the market had already factored the crackdowns into prices.
PBOC issued a restrictive ban on crypto mining and transactions, in what is seen as a coordinated curb on the cryptocurrency industry that also involved the state agencies.
Chinese shares or tokens with crypto reliance fell on Monday, with Huobi Technology Holdings Ltd down as much as 33%. Its token fell about 10% in a day.
BTCUSD is up +0.62%, ETHUSD is up +0.05%
