The world’s two largest cryptocurrencies by market capitalization, bitcoin and ether, have rebounded from seven-day lows.
Bitcoin was up 8.8%, over the past 24 hours having clawed back more than $3,000 from May 31 lows near $34,200. At press time the price was around $37,200. The move marks bitcoin’s biggest daily gain in a week.
Ether surged 15% over the previous 24 hours, also the most in a week, extending the rally from May 23 lows to find a footing above $2,670.
“We’ve seen our institutional clients express nothing but increased interest in strengthening their long-term positions during this time,” said Gunnar Jaev, COO at First Digital Trust, a digital-asset trust and custodian. “The movement is bullish.”
The price increases came amid fresh reports that the Reserve Bank of India (RBI) issued a circular on Monday stating commercial banks under its purview cannot cite the reserve bank’s 2018 ban.
That ban initially denied customers involved in digital assets access to traditional banking services. The ban was then quashed by the country’s supreme court last year.
Prices have since begun to cool, with intraday resistance around $38,000 for bitcoin and $2,730 for ether.
Other notable cryptos in the top 10 by market capitalization have also risen between 3% and 13% over the last 24 hours. XRP, Uniswap, and Dogecoin clocked the most gains.
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