Bitcoin’s star backers, dip buyers help cryptos recover

bitcoin backers dip star buyers
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Bitcoin’s star backers, dip buyers help cryptos recover

LONDON/TOKYO - Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world. The biggest and most popular cryptocurrency rose nearly 14% to $42,000, after plunging 14% on Wednesday to its lowest since late January. Smaller rival ether was up 20% at $2,935 at 1313 GMT, after its 28% tumble. Those bounces came after prominent crypto backers such as Ark Invest's Cathie Wood and carmaker Tesla's Elon Musk indicated their support on Wednesday. Wood said in an interview with Bloomberg that she was still sticking to her $500,000 forecast. Musk reiterated that Tesla TSLA.O was holding on to its bitcoin investments. "People consider this as a 'buy the dip' moment, and many consider this as 'the last chance to buy bitcoin cheap'," said Ruud Feltkamp, chief executive at crypto trading bot Cryptohopper. "The next few months will show if the bull market will continue or if it's the start of the end of its run." Wednesday's declines in both digital assets were one of their biggest daily percentage moves in more than a year, with

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