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The price of bitcoin briefly climbed back above $ 40,000 on Wednesday morning, a week after its price dropped 30% to around $ 30,000.
The world’s most popular cryptocurrency traded 6.9% higher at $ 40,196.06 at 9:00 a.m. ET on Wednesday, according to data from Coin Metrics. Bitcoin was last trading around 2.3% at $ 38,469.84 at 4:05 p.m. ET.
Other major digital coins were also in the green on Wednesday. Ethereum’s price jumped about 7.2% to $ 2,735.71, while dogecoin’s price was 1.8% higher at 34 cents a coin.
Last week’s cryptocurrency sale came after authorities in China and the United States decided to strengthen cryptocurrency regulation and tax compliance.
Chinese authorities on Friday called for stricter regulations on crypto mining and trading, tightening up rules announced in 2017, and the US Treasury said on Thursday it would require tighter crypto compliance with the IRS.
But the cryptocurrency market is trying to recoup some of the losses this week after plunging again on Sunday to nearly $ 31,000.
Bitcoin’s latest price hike comes after Tesla CEO Elon Musk said on Monday he spoke with bitcoin miners in North America about renewable energy solutions. Elsewhere, hedge fund billionaire Ray Dalio said in an article published Monday that he owned bitcoin.
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