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The price of bitcoin briefly climbed back above $40,000 on Wednesday morning, a week after its price tumbled 30% to around $30,000.
The world’s most popular cryptocurrency traded 6.9% higher at $40,196.06 at 9:00 a.m. ET on Wednesday, according to Coin Metrics data. Bitcoin was last trading 3.3% higher at $38,855.50 by 10:00 a.m. ET.
Other major digital coins were also in the green Wednesday. Ethereum’s price jumped 5.5% higher to $2,693.75, while dogecoin’s price was flat at 34 cents a coin.
Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies.
Chinese authorities called on Friday for tighter regulation on crypto mining and trading, reinforcing rules announced in 2017, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS.
But the cryptocurrency market is trying to recover some of the losses this week after it plunged again on Sunday to almost $31,000.
Bitcoin’s latest price rise comes after Tesla CEO Elon Musk said Monday he spoke to bitcoin miners in North America about renewable energy solutions. Elsewhere, hedge fund billionaire Ray Dalio said in an article published on Monday that he has some bitcoin.