Bitcoin price stabilizes in Asia: What you need to know

Picture Courtesy: Yahoo Finances

1. After a bad Monday, Bitcoin price is stabilizing Tuesday Morning in Asian markets.

2. At the time of this article, Bitcoin was up 3.18% at 32,600 after taking a plunge of 10% on Monday. Ethereum, the second-biggest cryptocurrency was also up about 3.5% after plunging on Monday.

3. The plunge in Cryptocurrencies came after China ordered its financial institutions to crack down on cryptocurrencies even harder.

4. For the past few weeks, all cryptocurrencies have been seeing a downwards trend after China started putting stricter rules against them.

5. During the same time, El Salvador became the first country to recognize Bitcoin as a legal tender.

6. China’s negative reaction towards cryptocurrencies is not something new, but, Tuesday’s update suggests that the markets might be overreacting to China’s response.