Cryptocurrencies bounce back from China crackdown

[SINGAPORE] 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 per cent in Asia trade at US$43,719, having fallen to just below US$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 per cent to US$3,136 and has recouped its Friday losses.

REUTERS