Cryptocurrencies bounce back from China crackdown


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

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

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

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

Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman