Bitcoin, ethereum, dogecoin, XRP up after $1 trillion wiped from market

Shafaq News / The price of bitcoin and other cryptos have come roaring back after they plummeted last week following comments from Elon Musk and Chinese regulators.

China’s powerful State Council also sent investors scurrying with a statement issued late on May 21, saying more regulation was needed to protect China’s financial system from crypto trading and mining.

The State Council said it was necessary to “crack down on bitcoin mining and trading behaviour, and resolutely prevent the transmission of individual risks to the social field”.

The statement came after a warning against crypto trading by three state-backed industry associations — the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

The price of bitcoin has made a stunning comeback since hitting a low of (AUD) $40,359.19 on May 24, climbing to $49,395.19 at 12pm AEST.

Ethereum has also climbed from its low of $2246.05, rising to $3514.24.

XRP has jumped from $0.845168 to $1.25.

Dogecoin has also strongly bounced back from a low of $0.322854 to $0.428350.

The market has soared by about $387.30 billion after the brutal week that wiped off more than $1 trillion, according to Forbes.