Bitcoin recoups some losses in Asia after plunging on Chinese crackdown

HONG KONG, June 22 (Reuters) – Bitcoin regained some ground on Tuesday, a day after touching a two-week low when 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 3% at $32,600, having dropped more than 10% on Monday. Ether , the second-biggest crypto currency, was up 2.8% at $1,940 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. read more

“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.

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