After falling below $3,000 in trading Friday, bitcoin took just five hours to rise some $600 — shaking off China’s ban on cryptocurrency exchanges.
Based on data from CryptoCompare Friday morning, the value of Bitcoin in the U.S. had risen 2% to $3,623, while it had risen about 4% among traders of the Euro, or about $3,781. In comparison, Chinese Yuan traders had been selling bitcoin at a discount — about $3,046, down about 6.9% — suggesting that traders in China are selling more than buying.
Bitcoin has been sliding, alongside most other cryptocurrencies, since the start of the month, when it was reported that Chinese authorities hoped to shutter cryptocurrency exchanges. Those fears were realized earlier this week when an exchange, known as BTCChina, said it would cease all trading Sept. 30, with further reports suggesting that more would come.
In September alone, bitcoin has slid as much as $2,000 amid fears of a Chinese crackdown, with comments from J.P. Morgan CEO Jamie Dimon also fanning the bearish sentiment.