The latest move by China to put the brakes on digital currencies rattled the market Tuesday, with bitcoin prices falling as much as 3% on the news that Beijing had shuttered a software company involved in crypto trading. But the effect didn’t last: The market bounced off its low point a few hours later.
To crypto diehards, bitcoin’s recovery lent support to the idea that China isn’t integral to the success of digital currencies. That’s probably true, in that plenty of crypto activity already has migrated to places with fewer restrictions.
