Bitcoin climbs back above $30,000, rebounding after a sell-off in cryptocurrencies

SectorFinancial Markets
CountryMiddle east

Bitcoin and other cryptocurrencies recovered on Wednesday after a brutal sell-off, with the world’s biggest digital coin climbing back above $30,000. The price of bitcoin rose almost 4% in the last 24 hours, to $30,798 at 5:25 a.m. ET, according to Coin Metrics data.

Smaller cryptocurrencies ether and XRP also rebounded, up around 7% and 3% respectively. The crypto market saw significant selling on Tuesday, with bitcoin for the first time since June 22. The plunge came on the back of news that the New Jersey attorney general issued a to crypto lending firm BlockFi, ordering it to stop offering interest-bearing accounts. The reason for the move higher Wednesday wasn’t immediately clear. Cryptocurrencies often undergo severe price swings. Bitcoin, for example, rallied to an all-time high of almost $65,000 in April before halving in value in the months that followed. ‘Dead cat bounce’ Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, said Wednesday’s price move was likely a “ more...