China’s regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet. (Image: Reuters)
Cryptocurrency prices continue to be mostly in green on September 27. Cryptocurrency-linked stocks dropped in Hong Kong on September 27 morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied.
The global cryptocurrency market cap is Rs 145.22 lakh crores, a 5.42 percent increase over the last day, while the total crypto market volume over the last 24 hours is $8,43,725 crores, which makes a 23.26 percent increase.
Bitcoin’s price is currently Rs 34,69,325 and its dominance is currently 42.29 percent, an decrease of 0.37 percent over the day.
Shares of crypto asset manager and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world’s largest exchanges, fell more than 30 percent after the opening bell.
Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.
China’s regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.
Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.
OKG Technology Holdings Ltd, a fintech and construction company majority owned by Xu Mingxing the founder of crypto-exchange OKCoin, fell more than 20 percent.
However, cryptocurrencies traded firmly on Monday, having rebounded from selling driven by the Chinese crackdown as buy-the-dip speculators swooped in.
Bitcoin was up about 3.98 percent in Asia trade, having fallen 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 8 percent to Rs 2,46,999.9 and has recouped its Friday losses.
As off 7.40 am on September 27, these are the prices of largest cryptocurrencies (data from WazirX):