The price of bitcoin is up by 6.17% over the past 24 hours, moving above £23,000.
A week ago the bitcoin price was approaching £26,000, and spent most of the week above £24,000, before crashing to below £22,000 by early Tuesday morning.
The slide came as regulators across the world began to call for tighter checks on the crypto industry.
Other cryptocurrencies, including ether, saw similar dips as European regulators put forward plans to ensure crypto becomes more traceable due to concerns it has over money-laundering.
The law set out by the European Commission would apply a ‘travel rule’ to transactions in order to make them more traceable.
The rule already applies to wire transfers and has been recommended by the Financial Action Task Force (FATF).
“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing,” the Commission said in a statement.
₿ Word Conference
Following a Twitter exchange between Jack Dorsey and Elon Musk, a sit-down conversation between the pair, with the addition of Cathie Wood, the superstar investor, will take place on Wednesday 21 July.
It is drawing a lot of attention due to Elon Musk’s previous outspoken comments about bitcoin and his apparent ability to influence its price.
The live discussion event is scheduled to take place at 5pm GMT.