Crypto market bounces back as Dogecoin founder thanks Elon Musk

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The price of bitcoin returned above $40,000 on Wednesday, marking a big recovery from Sunday when it was trading at just above $30,000 – less than 50 per cent of its all-time high from April. The latest dip was brought about by China announcing yet another crackdown on crypto mining, though more positive news in the space has helped boost the crypto market.

Major cryptocurrencies including Ethereum (ether), Cardano (ada) and dogecoin rallied by between 5 and 15 per cent overnight and were trending upwards on Wednesday morning.

[Crypto miners halt China operations after Beijing crackdown on bitcoin mining and trading]

The market rebound at the start of the week has been partly assisted by comments from Elon Musk that he has been in talks with bitcoin miners about renewable energy solutions, as well as news that hedge fund billionaire Ray Dalio has invested in bitcoin.

A number of prominent analysts remain optimistic about bitcoin’s prospects, with some speculating that the bull market is “just warming up”.

Source: The independent