Global stocks recovered from slumps, Bitcoin dropped nearly 9% overnight due to China’s expanded restrictions

Global shares recovered on Tuesday, led by a rally on Wall Street. Dow Jones registered its strongest session in more than 3 months, and Asian markets bounced back from a 4-week low. In Japan, Nikkei advanced 3.1% at press time, and APAC shares excluding Japan also rose 0.41%. In China, stocks advanced about 0.8% in Shanghai and 0.2% in Shenzhen. Last week’s surprising hawkish shift from the Fed has shocked the stock market and created several rounds of selloff. But for now, it seems that worries from near-term interest rate hikes in the US have been gradually offset.

In the cryptocurrency market, there is a different picture. Bitcoin dropped nearly 9% overnight and reached as low as $32,308. Currently, it is trading around $32,830. China has recently expanded its restrictions on mining to Sichuan province. Since mining in China accounts for more than half of global production, measures from the Chinese government will likely have prolonged effects.