As the cryptocurrency market recovers from Tuesday’s blow, Bitcoin and other cryptocurrencies gain.
Following a huge sell-off of the currency and other cryptocurrencies the day before, Bitcoin fought its way back above $30,000 on Wednesday.
Bitcoin’s price gained 7.74 percent in 24 hours to $32,044 at 12:21 a.m., according to Coin Metrics. On Wednesday, EDT.
Other cryptocurrencies, such as Ethereum, which was up 20.39 percent, and XRP, which was up 7.94 percent in the same span, also recovered. Dogecoin has also seen an increase of 18.08 percent.
After reaching a peak of nearly $65,000 in mid-April, Bitcoin dipped below the $30,000 barrier for the first time since June 22.
According to Forbes, the coin price dropped when the New Jersey attorney general filed a cease-and-desist letter to crypto lending startup BlockFi, asking it to stop all interest-bearing accounts, as reported by CNBC.
The market theorized at the time that unease over the COVID outbreak and a hit to the economic recovery may have been to reason for the dip in Bitcoin and other currency prices. The cause of the currency fluctuation at the time, however, was unknown.
“In general, there are a lot of macro concerns weighing down on risk-on assets at the moment — inflation worries, COVID, and with crypto, we’ve got more particular worries like much more regulatory oversight,” Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, told CNBC.
Several global crackdowns on cryptocurrencies have pushed currency prices lower in recent months, particularly in China, while crypto exchange Binance has also come under fire from international regulators.