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Bitcoin recoups some losses in Asia after plunging on Chinese crackdown

Tuesday, June 22, 2021
Bitcoin recoups some losses in Asia after plunging on Chinese crackdown © Reuters. A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration

By Alun John and Andrew Galbraith

HONG KONG (Reuters) - Bitcoin regained some ground on Tuesday, a day after touching a two-week low after China's central bank reaffirmed a crackdown on cryptocurrencies and restricted trading channels for Chinese residents.

The world's largest crypto currency was last up 4.58% at 33,000, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 5.05% at 1,983 after hitting a five-week low the day before.

Monday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading.

"It basically says now OTC transactions are not legitimate... we are not allowed by the banks to transfer money for cryptocurrency purchases and sales," said Bobby Lee, founder and CEO of Ballet, a cryptocurrency wallet app, and formerly CEO of BTC China, China's first bitcoin exchange.

Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over the counter (OTC) platforms based-overseas sprung up to act as middlemen, receiving payment from people based in China and buying cryptocurrencies on their behalf.

"Essentially this puts all the OTC platforms out businesses," Lee said.

However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news.

"A Chinese ban on cryptocurrencies isn't something new. The one that came out yesterday was almost a copy of a previous announcement, earlier this year," said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX.

"As always, leverage, large participants and fundamental events mean crypto can move dramatically," he said. Last month, three industry associations issued a ban on crypto-related financial services, but these bodies have much less clout than the PBOC. [nL2N2N803D

Market participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments. However, following Monday's PBOC statement, banks including Agricultural Bank of China (OTC:ACGBF) and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions.

China's crackdown has also had a dramatic effect on bitcoin mining. The hashrate, which measures the processing power of the bitcoin network and shows how much mining is taking place, on Monday hit its lowest level since late 2020.

Cryptomining is a big business in China, which accounts for over half of global bitcoin production. However, since the State Council's statement, bans on cryptomining have been issued in major bitcoin mining hubs, including Sichuan, Xinjiang, and Inner Mongolia.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

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GBP/USD

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USD/JPY

157.91

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AUD/USD

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USD/CAD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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