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Asia crypto sector stays confident despite China regulatory curbs

Crackdown creates opportunity for better standards, some say

Bitcoin peaked at $64,289 in April but has recently traded below $30,000.   © Reuters

TOKYO/HONG KONG -- After a period of explosive growth, the tide appears to be turning for bitcoin and other cryptocurrencies as financial watchdogs tighten oversight of the digital asset market.

An order last week from the People's Bank of China, the central bank, for major financial institutions to halt cryptocurrency transactions brought down the price of bitcoin, which peaked at $64,289 in April, below $30,000 for the first time since January. And in late June the U.K. barred Binance, the world's largest cryptocurrency exchange by trading volume, from offering regulated services, including trading crypto derivatives.

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