Bitcoin and cryptocurrency prices have suddenly surged, bouncing back after a brutal week wiped more than $1 trillion from the crypto market.
The bitcoin price has climbed back over the closely-watched $40,000 per bitcoin level, gaining almost 20% since the weekend when it dropped to around $30,000.
Other major tokens, including ethereum, cardano, Binance’s BNB, Ripple’s XRP and the meme-based dogecoin also rose alongside bitcoin—adding between 5% and 15%.
The cryptocurrency rally, adding more than $300 billion to the broad crypto market since Monday morning, comes after reports the Biden administration is looking to tighten cryptocurrency regulation without stifling trading or innovation.
Investors will be able to “dogecoin to their heart’s content,” one person briefed on the matter said, according to the Washington Post, which first reported the news.