Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent the world's largest token to a two-week low.
Bitcoin was last up 3.17per cent at 32,600, having dropped more than 10per cent on Monday. Ether, the second-biggest crypto currency, was up 3.54per cent at 1,950 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.
However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news. Last month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.
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