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Home > Stock Market > Bitcoin extends gains, climbing above $31,000 as cryptocurrencies rebound from sell-off

Bitcoin extends gains, climbing above $31,000 as cryptocurrencies rebound from sell-off


A bitcoin sign with a graph pictured in the background.

STR | NurPhoto via Getty Images

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 6% in the last 24 hours, to $31,526 at 7:45 a.m. ET, according to Coin Metrics data. Smaller cryptocurrencies ether and XRP also rebounded, up around 9% and 6% respectively.

The crypto market saw significant selling on Tuesday, with bitcoin falling below the $30,000 mark for the first time since June 22.

The plunge came on the back of news that the New Jersey attorney general issued a cease and desist letter 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’

Regulatory pressure



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