Bitcoin traded at $33,000 level after surging about 4.50% on Tuesday, a day after the digital token experienced sell-offs, plunging at least 10%.
Bitcoin’s Monday sell offs were fueled by intensified miners crackdown by China, with the central bank warning payment firms and large banks against allowing crypto trading.
Loss recoveries in bitcoin were also replicated elsewhere, with Ether popping up 5.05% at $1,983 following a five-week low on Monday,
Although crypto exchanges were banned from China in 2017, over the counter platforms have been enabling crypto transactions in the country.
Analysts say the expected outcome of China’s ban is hard to predict as financial institutions would find it challenging to spot crypto-related transactions.
Bitcoin’s hashrate, which measures the processing power of the crypto token network and how much mining is taking place, reached the lowest point since late 2020 on Monday’s crackdown.
BTCUSD is up +0.89%, ETHUSD is down -0.39%
