1 min read.Updated: 23 Jun 2021, 07:28 PM ISTLivemint
Bitcoin fell under $30,000 on Tuesday for the first time in five months, hit by concerns over China's ongoing crackdown
Cryptocurrencies rebounded on Wednesday after witnessing a massive sell-off in the past few sessions. Bitcoin was up around 5% on the day, above the $34,000 mark. The cryptocurrency dropped to as low as $28,600 on Tuesday - its lowest since January. Ether was trading around $2,000.
CoinDesk data showed that the world's largest cryptocurrency by market capitalization was up over 17% to trade as high as $34,818.6. Ether, the second largest digital token was trading at $1,994, up 15%. Dogecoin gained the most as it surged more than 40% to $0.24. Other digital coins like XRP, Litecoin also rose over 20% over the last 24 hours.
Bitcoin fell under $30,000 on Tuesday for the first time in five months, hit by concerns over China's ongoing crackdown.
Regulators are also stepping up scrutiny of the industry. China’s latest broadside came Monday, when the nation’s central bank said it had summoned officials from the biggest lenders as well as AliPay to reiterate a ban on cryptocurrency services.
Chinese mines power nearly 80% of the global trade in cryptocurrencies despite a domestic trading ban since 2017. But in recent months several provinces have ordered mines to close as Beijing puts the industry under the regulatory microscope.
In another news, the Middle East's first bitcoin fund launched on the Dubai bourse on Wednesday, with Canadian digital asset manager 3iQ Corp seeking to raise around $200 million in the offering.