Bitcoin’s price is on the rise again having dropped 20pc in less than three days following China's decision to clamp down on the volatile cryptocurrency.
The value of ethereum and other leading cryptocurrencies like Bitcoin Cash, Ripple and Litecoin has also climbed, with their overvalue increasing by 17pc.
Billions were wiped off their combined values after China’s central bank said initial coin offerings (ICOs) are illegal and asked all related fundraising activity to be halted immediately.
“Issues of this type... and offences committed in past operations will be severely penalised," said the People's Bank of China.
The price of bitcoin has jumped back up to $4,529, recovering from a low of $4,000 on Tuesday morning.
