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The price of bitcoin briefly climbed back above $40,000 on Wednesday morning, a week after its price tumbled 30% to around $30,000.
The world’s most popular cryptocurrency was trading at roughly $40,770 around 2:40 a.m. ET on Wednesday, according to Coin Metrics data. The price fell back to $39,718 around 8 a.m. ET but was still up nearly 7% from the previous session.
All the other major digital coins were also in the green Wednesday. Ethereum’s price has risen over 10% in the previous 24 hours to $2,813, while dogecoin’s price has climbed a little over 4% to 35 cents a coin.
Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies.
Chinese authorities called on Friday for tighter regulation on crypto mining and trading, reinforcing rules announced in 2017, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS.
But the cryptocurrency market is trying to recover some of the losses this week after it plunged again on Sunday to almost $31,000.
Bitcoin’s latest price rise comes after Tesla CEO Elon Musk said Monday he spoke to bitcoin miners in North America about renewable energy solutions. Elsewhere, hedge fund billionaire Ray Dalio said in an article published on Monday that he has some bitcoin.
