Bitcoin Makes up For Some of Its Losses in Asia

Bitcoin recouped some of its losses on Tuesday, a day after hitting a two-week low after the People’s Bank of China (the central bank) confirmed its crackdown on cryptocurrencies in the country and its restriction of its circulation channels among the population.

The world’s largest cryptocurrency was last up 3% to $32,600, after dropping more than 10% on Monday. Ether, the second-largest cryptocurrency, also rose 2.8% to $ 1940, after hitting its lowest level in five weeks yesterday.

The massive sell-off began yesterday after the central bank announced it was recalling China’s largest banks and payment firms, urging them to crack down on cryptocurrency trading.

Today’s price action suggests that some traders based in Asia were trying to take advantage of the heavy selling.