Bitcoin Suddenly Jumps 7 Percent, Leaving Bears in Disbelief

The price of Bitcoin managed to recover suddenly after nearly losing the $ 40,000 support.

The benchmark cryptocurrency jumped to an intraday high of $43,780 on the Bitstamp exchange, recovering more than 7% in less than two hours.

As reported by U.Today, the Huobi crypto exchange has announced that it will block all of its existing Chinese users by the end of 2021 after it stopped accepting new customers from mainland China yesterday.

Uniswap (UNI), the native token of the leading decentralized exchange, is currently up 13 percent on the news. 

Huobi’s announcement dragged Bitcoin to an intraday low of $ 40,808, but buyers quickly stepped in to save the day.

The volatile Sunday will cap off a turbulent week for the leading cryptocurrency. Bitcoin lost nearly 8% on Monday due to real estate giant Evergrande’s debt crisis putting global markets in panic mode.

After shedding a substantial portion of losses by Tuesday, the crypto king plunged ever further on Friday after China intensified its clampdown on crypto trading and the local crypto mining industry.

According to data provided by Bybt, $ 296 million worth of cryptocurrency has been liquidated in the past 12 hours alone.

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