The price of Bitcoin made its way back above $30,000 on Wednesday after a plunge that brought the digital currency to its lowest level in nearly a month.

  • Bitcoin climbed 6% to $31,526 as of 7:45 a.m. ET, after falling below $30,000 for the first time since June 22 on Tuesday. Rebounds were also seen in other digital tokens such as Ether which grew 9%, and XRP which gained 6%.
  • The cryptocurrency space recorded a significant plunge on Tuesday after the New Jersey Attorney General ordered crypto lending firm BlockFi to stop its interest-bearing account offerings. 
  • Analysts believe the rebound could be a “dead cat bounce” and could fall even further unless the digital token can inch higher above $32,000 to $33,000.
  • The crypto space has continued to see a downtrend as authorities across the globe push to clamp down on the industry. Other factors include inflation and the spread of the COVID-19 pandemic.

Bitcoin hit a record high of nearly $65,000 in April, before erasing most of its recent gains. BTC is up 6.93%, ETH up 9.50%, and XRP up 6.19%.