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Crypto currencies are bouncing back: What you need to know

Bitcoin bounces back. Picture courtesy : The Independent
  • 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?’.

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