Cryptocurrencies rebounded on Wednesday after witnessing a massive selloff in recent sessions. Bitcoin was up about 5% on the day, above the $ 34,000 mark. The cryptocurrency fell to $ 28,600 on Tuesday, its lowest since January. Ether was trading around $ 2,000.
Data from CoinDesk showed that the world’s largest cryptocurrency by market cap rose more than 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 jumped over 40% to $ 0.24. Other digital coins like XRP, Litecoin have also increased over 20% in the last 24 hours.
Bitcoin fell below $ 30,000 on Tuesday for the first time in five months, affected by concerns over the ongoing crackdown in China.
Regulators are also stepping up oversight of the industry. China’s latest offensive came on Monday, when the country’s central bank said it had summoned officials from the largest lenders as well as AliPay to reiterate the ban on cryptocurrency services.
Chinese mines fuel nearly 80% of global cryptocurrency trade despite a domestic trade ban since 2017. But in recent months, several provinces have ordered mine closures as Beijing puts the industry under the regulatory microscope.
In other news, the Middle East’s first bitcoin fund launched on the Dubai Stock Exchange on Wednesday, with Canadian digital asset manager 3iQ Corp looking to raise around $ 200 million in the offering.
(With contributions from agencies)
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