Bitcoin and ether, the world’s two largest cryptocurrencies by market capitalization, have rebounded from seven-day lows reached during the weekends.
Bitcoin gained as much as 8 percent in the past 24 hours, recovering over $3,000 from May 31 lows near $34,200. At press time it was around $37,100. The move marks bitcoin’s biggest daily gain in a week.
Ether surged 15 percent 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.
The cryptocurrency markets turned bullish 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.