Hong Kong/Singapore (Reuters)-On Monday morning, after the Chinese authorities stepped up their crackdown on the industry, cryptocurrency-related stocks fell in Hong Kong, while major cryptocurrencies stabilized.
Huobi Technology, an encrypted asset management company and trading company, is a subsidiary of Huobi Global, one of the world’s largest exchanges, and its share price has fallen by more than 30% after the opening.
Huobi Global said on Sunday that it has stopped accepting new mainland clients https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021 -09-26 Starting from Friday, accounts belonging to mainland Chinese customers will be closed before the end of the year to comply with local regulations.
Chinese regulators stepped up their crackdowns on Friday https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26 , Prohibits cryptocurrency trading and mining, and stated that overseas exchanges are prohibited from providing services to mainland investors through the Internet, and will investigate mainland Chinese employees of overseas cryptocurrency exchanges.
OKG Technology Holdings Ltd, a fintech and construction company that is majority-owned by Xu Mingxing, founder of the crypto exchange OK Coin, has its share price down by more than 20%.
However, with the influx of bargain-hunting speculators, cryptocurrency trading was strong on Monday and rebounded under the impetus of China’s crackdown.
It rose about 2.4% to $44,250 in Asian transactions, and fell to just under $41,000 after announcing a total ban on cryptocurrency mining and trading in China on Friday-the most widespread blow to date.
Rival token ether rose 3% to $3,163 and regained Friday’s loss.
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