Crypto currencies are bouncing back: What you need to know
After a dramatic plunge on Wednesday, due to a huge selloff, the Crypto market seems to be recovering on Thursday morning.
Bitcoin clawed back to $42,000 after taking a huge hit a day before. This came after the Chinese regulators restricted the use of cryptocurrencies for conducting business.
The co-creator of Ethereum, 27-year-old Vitalik Buterin, told CNN that he is not surprised with the crypto crash. He said that the crypto market is in a bubble, but it's very hard to predict if the bubble has already been busted or not. He further emphasized that governments can't stop blockchain technology.
As of Thursday morning, Ethereum was hovering around $2,900, after plunging to 2,200 on Wednesday. Dogecoin also saw some gains on early Thursday, with the currency reaching up to $0.42 after sliding to $0.30 a day before.
Tesla CEO, Elon Musk also tweeted on Thursday with a picture having ‘CYBERVIKING’ written on it. The description read, ‘How much is that Doge in the window?’.