Ether jumps over 7% as China pushes Bitcoin restrictions

Monday, 24. May 2021 10:34

The price of Ether jumped more than 7% on Monday, recovering some losses following China's decision to "crackdown" on Bitcoin mining and trading in order to "reduce financial risks."

Meanwhile, Nvidia Corp. started shipping the first batch of RTX 3070 and 3080 graphics cards that have significantly reduced hash rate required to mine the world's second most popular cryptocurrency.

Both Ether and Bitcoin registered major losses last week prompted by Beijing's new policies as well as a series of tweets made by billionaire Elon Musk. Ether soared 7.19% to $2,249 while Bitcoin climbed 4.46% to $36,305 at 4:33 am ET.

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Breaking the News / ND