Crypto-linked stocks plunge in Hong Kong, bitcoin steadies

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Cryptocurrency-linked stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied.

on Friday, banning cryptocurrency transactions and mining, and saying that overseas exchanges are barred from providing services to mainland investors via the internet and that mainland-China based employees of overseas crypto exchanges would be investigated., a fintech and construction company majority owned by Xu Mingxing the founder of cryptoexchange OK Coin, fell more than 20%.

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 2.4% in Asia trade at $44,250, having fallen to just below $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.Reporting by Tom Westbrook in Singapore and Alun John in Hong Kong; Editing by Muralikumar Anantharaman and Jacqueline WongSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

 

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A few hours ago bitcoin retested previous range highs and bounced, but momentum is weakening. 43k is still a valid support, hoping to see btc above 48k this coming week I’ve been following & taking 10Ethbtc tweets and every single tips seriously I’ve been doing superb

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