HONG KONG/SINGAPORE (Reuters) -Cryptocurrency-linked stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied.

Huobi Tech’s affiliate, Huobi Global’s trading and crypto asset manager Huobi Tech fell over 30% shortly after the open bell.

Huobi Global said on Sunday it had stopped taking new mainland customers https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26 from Friday and would close accounts belonging to mainland-China based clients by the end of the year to comply with local regulations.

China’s regulators intensified a crackdown https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26 on Friday, banning cryptocurrency transactions and mining, and saying that overseas exchanges are barred from providing services to mainland investors via the internet and that mainland-China based employees of overseas crypto exchanges would be investigated.

OKG Technology Holdings Ltd., a construction and fintech company owned majority by Xu Mingxing, the creator of cryptoexchange OK Coin fell over 20%.

But cryptocurrencies were able to trade firmly Monday after rebounding from the selling caused by Chinese restrictions as buy-the dip speculators entered.

Asia trade traded at $44,250. This was an increase of 2.4% after falling to below $41,000 following Friday’s broad ban on all crypto transactions and mining.

The price of Rival Token Ether rose by 3% to $3163, and it has now recouped Friday’s losses.