Bitcoin (BTC) price rises above $ 30,000

Bitcoin sign with a graph on the background.

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Bitcoin and other cryptocurrencies recovered on Wednesday after a brutal sale, with the world’s largest digital coin surpassing $ 30,000.

Bitcoin prices have risen almost 4% in the last 24 hours to $ 30,798 at 5:25 EST, according to Coin Metrics data. The smaller cryptocurrencies ether and XRP have also rebounded, increasing by about 7% and 3%, respectively.

Tuesday’s crypto market recorded significant sales in Bitcoin Below $ 30,000 First time since June 22nd.

The plunge was hit by the New Jersey Attorney General Cease and desist letter We have ordered the cryptocurrency lender BlockFi to stop offering interest-bearing accounts.

The reason for the rise on Wednesday was not immediately clear. Cryptocurrencies often experience severe price fluctuations. Bitcoin, for example, recovered to a record high of about $ 65,000 in April and then halved in value in the months that followed.

“Dead cat bounce”

Vijay Ayyar, head of the Asia-Pacific region of the crypto exchange Luno, said Wednesday’s price volatility is likely to be a “dead cat bounce.”

Unless Bitcoin can exceed $ 32,000, Ayyar anticipates a further downside, with the best cryptocurrencies potentially falling to $ 24,000.

“We saw a widespread market backlash last night, and I think cryptocurrencies are taking advantage of it,” Ayyar told CNBC.

“In general, there are many macro factors that are currently squeezing risk-on assets. There are more specific concerns, such as inflation concerns, Covid, and cryptocurrencies with significantly more regulatory oversight.”

Regulatory pressure

Bitcoin (BTC) price rises above $ 30,000

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