Bitcoin recovered from a one-month low and broke back above $30,000 on Wednesday, suggesting firm support around that level even as the mood in broader financial markets remained fragile, according to Reuters.
Bitcoin rose about 3% to $30,762 in the Asia session after it dropped to its lowest since June on Tuesday at $29,296. Bitcoin is worth less than half its April record high of $64,895.22. Ether rose 4% to $1,862.
“Regulatory and environmental concerns will likely keep Bitcoin heavy but improvements on both fronts should happen before the end of the year,” said Edward Moya, senior market analyst for the Americas at Oanda, according to Bloomberg.
Moya added that institutional investors are ready to place big long-term bets if a plunge toward $20,000 is avoided.