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SINGAPORE (Reuters) - Cryptocurrencies fought to find a footing on Monday after even weekend cheerleading from Tesla boss Elon Musk seemed unable offset selling pressure from spooked investors or nerves stemming from a gathering crackdown on the asset class in China. Musk had lent a bid on Saturday by tweeting support for crypto in the true battle with fiat currencies. But on Sunday prices slumped as miners, who mint crypto by verifying transactions, halted Chinese operations in the face of increasing scrutiny from authorities. Bitcoin climbed as high as $35,970 from Sunday s trough at $31,107, but the growing sense of a shakeout flowing through the frothy market left it struggling to make further gains and it remains some 45% below last month s record peak of $64.895.
By Tommy Wilkes, Sujata Rao and Gertrude Chavez-Dreyfuss NEW YORK/LONDON (Reuters) -Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments. The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers - Tesla Inc chief Elon Musk and Ark Invest s Chief Executive Cathie Wood - indicated their support for bitcoin. While many analysts thought the explosion in crypto interest this year was not sustainable, the trigger for the shake-out was China s move on Tuesday to ban financial and payment institutions from providing cryptocurrency services. It also warned investors against speculative crypto trading.