Ethereum rose more than 12% earlier on Monday as investors shrug off fresh cryptocurrency crackdown by Chinese authorities. Bitcoin was up 5%, Solana was up 11% and dogecoin was up 5%.
Crypto exchanges and service providers are working hard to cut ties with mainland China following the ban on Friday. Chinese Government bodies including its Central Bank said “overseas exchanges were barred from providing services to mainland investors via the internet – a previously grey area – and vowed to jointly root out “illegal” cryptocurrency activities”.
Reuters reported, shares in crypto-related firms tanked on Monday with crypto asset manager and trading firm Huobi Tech plunging 23% and OKG Technology Holdings Ltd, a Fintech company majority owned by Xu Mingxing, the founder of crypto-exchange OKcoin, losing 12%.
Amid the crackdown, other types of Chinese crypto companies have been moving out of China over the past few months. Companies like Cabo and the Chinese crypto financial services moved their headquarters to Singapore.