China’s decision to ban all cryptocurrency transactions on Friday caused the price of bitcoin to drop 6% to around $41,000. But since then, prices have bounced back to near $43,000.
Crypto markets were able to recover because these new measures weren’t that surprising, unlike China’s crypto mining crackdown in May and June, said Ed Moya, senior market analyst at foreign exchange broker Oanda. “Kicking the miners out of China—that was a rude awakening,” he said.
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