Bitcoin jumped as much as 6.5% to $40,904. Smaller coins,
which tend to rise and fall with the largest cryptocurrency, also gained, with
ether climbing over 7.5% to over $2,906.
Still, bitcoin is down 30% this month, and has lost over 37%
from its record high of almost $65,000 hit in April. It has gained over 40%
this year, however.
Among the drivers of bitcoin's recent slump have been fears
of a crackdown in China on the emerging sector, as well as concerns over the
environmental impact of bitcoin production, an energy-intensive process known
as mining.
Bitcoin plumbed $30,066 last week, its lowest since January,
in highly volatile trading.
China's northern region of Inner Mongolia escalated a
campaign against cryptocurrency mining on Tuesday, publishing draft rules to
root out the business, days after Beijing vowed to crack down on bitcoin mining
and trading. -Reuters
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