Bitcoin and cryptocurrency prices suddenly surged, rebounding after a brutal week that wiped over $ 1,000 billion from the crypto market.
The price of bitcoin has rebounded above the closely watched level of $ 40,000 per bitcoin, gaining nearly 20% since the weekend it fell to around $ 30,000.
Other major tokens including ethereum, cardano, Binance’s BNB and Ripple’s XRP rose alongside bitcoin, adding between 5% and 15%, although the somewhat satirical memes-based dogecoin failed to rally. their.
The cryptocurrency rally, adding more than $ 300 billion to the vast crypto market since Monday morning, comes after reports that the Biden administration seeks to strengthen cryptocurrency regulation without stifling trade or innovation.
Investors will be able to “dogecoin as they please,” a person briefed on the matter said, according to the Washington post, who first reported the news.
“[Administration officials are] aware of the fact that there are all kinds of risks in the abstract and things to watch out for, but they are still largely in a wait-and-see position ”, the To post reported.
Traders and investors have crammed into bitcoin and other cryptocurrencies this year, aided by the support of trading apps like Robinhood and the PayPal payment processor and dragged into a speculative frenzy by media influencers social.
However, the bitcoin and cryptocurrency market, which reached $ 2.5 trillion earlier this month from just $ 700 billion at the start of 2021, was hit hard last week in the wake of reports that China will tackle bitcoin mining and trading in the country.
The price of bitcoin has also been impacted by Tesla
Musk, who has become one of cryptocurrency’s best-known cheerleaders this year, said Tesla will continue to hold the nearly $ 1.5 billion worth of bitcoins he bought in January and that ‘it would bring back bitcoin payments if the bitcoin network reduced its carbon footprint.