") no-repeat center center;background-size:10px 16px;content:' '}@media(min-width:768px){.gBkjJh::before{display:none}}.fqxTeP{min-height:389px;clear:both}@media(min-width:1000px){.fqxTeP{min-height:380px}}@media(min-width:1000px){.iZwHvr .taboola{display:none}}.iZwHvr:has(#taboola-carousel-thumbnails){min-height:426px}.iZwHvr:has(#taboola-mid-article-thumbnails-crime){min-height:405px}@media(min-width:1000px){.iZwHvr:has(#taboola-carousel-thumbnails),.iZwHvr:has(#taboola-mid-article-thumbnails-crime){min-height:0}}.jImJId .tp-container-inner,.jImJId .sc-1suqprf-0{position:relative;box-shadow:0 -22px 16px 22px rgba(255,255,255,0.95)}.jImJId.closed{display:none}.jNXFXZ{width:32px;color:#3b5998}@media(min-width:768px){.jNXFXZ.mobile-only{display:none}}.jNXFXZ:hover{color:#2f4779}.ksPZud{width:32px;color:#000}@media(min-width:768px){.ksPZud.mobile-only{display:none}}.ksPZud:hover{color:#4e4e4e}.SVrrg{width:32px;color:#25d366}@media(min-width:768px){.SVrrg.mobile-only{display:none}}.SVrrg:hover{color:#1da851}.pOgFh{width:32px;color:#ec1a2e}@media(min-width:768px){.pOgFh.mobile-only{display:none}}.pOgFh:hover{color:#ac2a2c}.dJrOFo{display:flex;gap:12px}.eZumoJ{position:fixed;top:0;left:0;z-index:2147483644;background:rgba(0,0,0,0.5);cursor:pointer;opacity:0;transition:opacity 300ms ease-in-out}.eZumoJ.overlay-background--open{width:100vw;height:100vh;opacity:1}.dRVLpc{--trans:300ms ease-in-out;position:fixed;top:0;left:0;z-index:2147483645;width:100vw;height:100vh;opacity:0;pointer-events:none;transform:translateY(-24px);transform-origin:top center;transition:transform var(--trans),opacity var(--trans)}.dRVLpc.overlay--open{opacity:1;transform:translateY(0);transition-delay:150ms}.dRVLpc.overlay--open>:first-child{pointer-events:auto}.cWTSTp .sc-17yxc4y-0{display:none}.cWTSTp:hover .sc-17yxc4y-0,.cWTSTp.bookmark-button-saved .sc-17yxc4y-0{display:block}.cWTSTp:hover .sc-17yxc4y-1,.cWTSTp.bookmark-button-saved .sc-17yxc4y-1{display:none}.cWTSTp.bookmark-button-saved .sc-17yxc4y-0{display:block}.cWTSTp.bookmark-button-saved .sc-17yxc4y-1{display:none}.cWTSTp.bookmark-button-saved:hover .sc-17yxc4y-0{display:none}.cWTSTp.bookmark-button-saved:hover .sc-17yxc4y-1{display:block}.eoIBc{--margin-x:12px;--modal-width:calc(100% - (var(--margin-x) * 2));--modal-max-width:351px;--padding:60px 16px 42px;--line-height:1.25;display:flex;position:fixed;top:50%;left:50%;overflow:auto;width:var(--modal-width);max-width:var(--modal-max-width);max-height:100vh;box-sizing:border-box;flex-direction:column;align-items:center;justify-content:center;padding:var(--padding);background-color:#eaf2f2;box-shadow:0 1px 1px rgba(0,0,0,0.5);line-height:var(--line-height);transform:translate(-50%,-50%)}@media(min-width:768px){.eoIBc{--modal-width:600px;--modal-max-width:none;--padding:72px 80px 64px;--line-height:1.2}}@media(min-width:1000px){.eoIBc{--modal-width:635px}}.fNhASP{--close-button-margin:16px;position:absolute;top:var(--close-button-margin);right:var(--close-button-margin)}@media(min-width:768px){.fNhASP{--close-button-margin:24px}}.caBZHW{width:100%;max-width:437px;margin-bottom:20px}@media(min-width:768px){.caBZHW{margin-bottom:18px}}.dgWryu{position:absolute;overflow:hidden;width:.01em;height:.01em;padding:0;border:0;clip:rect(0,0,0,0);white-space:nowrap}.eUOcMf{width:100%;margin:0}.dEYNzg{margin:0 0 30px;font:bold 26px/1.15 'Indy Serif','Indy Serif Fallback',serif}@media(min-width:768px){.dEYNzg{font:bold 28px/1.15 'Indy Serif','Indy Serif Fallback',serif}}.itdeLI{display:block;width:100%;padding:0;margin:0 0 30px;font:normal 16px/1.44 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.itdeLI{font:normal 20px/1.44 'Indy Sans','Indy Sans Fallback',sans-serif}}.funPAy{display:block;margin-top:30px;color:#222;font:normal 16px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.bXVQbr{padding:0}.GwNrt{display:inline-block;width:32px;height:32px;color:#337e81}.cJKiex{display:flex;flex-direction:row;justify-content:center;gap:12px}.frITsM{display:flex;position:relative;justify-content:center}@media(min-width:768px){.frITsM{justify-content:flex-end;padding-top:12px;margin:0}}.frITsM.amp-social-share svg{width:60%;height:60%;margin:20%;fill:#fff}.frITsM.amp-social-share [type='facebook'] svg,.frITsM.amp-social-share [title='bookmark'] svg{width:100%;height:100%;margin:0}.frITsM.amp-social-share amp-social-share{margin:0 6px;border-radius:50%;background:0;outline:0}.frITsM.amp-social-share amp-social-share:first-of-type{margin-left:0}.frITsM.amp-social-share amp-social-share:last-of-type{margin-right:0}@media(min-width:768px){.frITsM.amp-social-share .share-mobile-only{display:none}}.frITsM.amp-social-share .amp-social-share-bookmark svg{display:block;width:100%;height:100%;margin:0}.frITsM.amp-social-share .amp-social-share-bookmark:hover{opacity:.85}.frITsM.amp-social-share .amp-social-share-facebook{background:#3b5998}.frITsM.amp-social-share .amp-social-share-facebook:hover{background:#2f4779}.frITsM.amp-social-share .amp-social-share-twitter{--color:#000;--color-alt:#4e4e4e;background:var(--color)}.frITsM.amp-social-share .amp-social-share-twitter:hover{background:var(--color-alt)}.frITsM.amp-social-share .amp-social-share-whatsapp{background:#25d366}.frITsM.amp-social-share .amp-social-share-whatsapp:hover{background:#1da851}.frITsM.amp-social-share .amp-social-share-whatsapp svg{width:70%;height:auto;margin:15%}.frITsM.amp-social-share .amp-social-share-email{background:#ec1a2e}.frITsM.amp-social-share .amp-social-share-email:hover{background:#ac2a2c}.frITsM.amp-social-share .amp-social-share-email svg path{stroke:#fff}.kdvWjb{display:flex}.sticky .kdvWjb{flex-direction:column}.bfkmcy{overflow:hidden;height:23px;margin-bottom:8px;border-bottom:0;clear:both}@media(min-width:768px){.bfkmcy{height:25px}}.fczuIa{display:inline-block;flex-shrink:0;margin:0 12px 0 0;font:bold 14px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.fczuIa::after{content:':'}.IOUwh{display:inline-block;margin-right:12px;margin-bottom:4px;color:#222;font:normal 14px/1.29 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration:underline}.IOUwh::first-letter {text-transform:capitalize}@media(min-width:1000px){.subscribed .bwpCMN{margin-top:-184px}.article-feature:not(.article-feature-video) .subscribed .bwpCMN{margin-top:-407px}}.bwpCMN>p{margin:16px 0}.article-premium .bwpCMN>p{line-height:27px}.bwpCMN>h2{font-size:21px}.article-climate .bwpCMN>h2{color:#ec1a2e}.article-sgi .bwpCMN>h2{color:#ec1a2e}.bwpCMN>p:first-child{margin-top:0}.bwpCMN span:first-child~p:first-of-type{margin-top:0}.hQjaQn{display:flex;position:relative;max-width:100%;min-height:600px;justify-content:center;margin:0 auto;background-color:transparent;clear:both}@media(min-width:1000px){.hQjaQn{min-height:450px}}.teads .hQjaQn{display:block}.hQjaQn [data-mpu]{position:sticky;top:16px}@media(min-width:1000px){.jZcooN{display:none}}.jZcooN[data-mpu1]{min-height:600px}.jZcooN.pb-20{padding-bottom:20px}.hlPMMm{margin:0 0 24px;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.euTVax{font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.jBfdop{overflow:hidden;width:100%;box-sizing:border-box;margin-bottom:16px}@media(min-width:768px){.jBfdop{max-width:634px}}@media(min-width:1250px){.jBfdop{max-width:622px}}.hKRbzg{width:100%;box-sizing:border-box;padding:8px 12px 12px;border-top:8px solid #ec1a2e;background-color:#fde8ea}@media(min-width:768px){.hKRbzg{padding-top:4px;padding-bottom:12px}}.cKIkhp{font:bold 22px/26px 'Indy Serif','Indy Serif Fallback',serif;margin:0 0 12px;text-align:center}@media(min-width:768px){.cKIkhp{font:bold 30px/34px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.048px;margin-bottom:12px;text-align:left}}.feSJtK{display:block;margin-bottom:12px}@media(min-width:768px){.feSJtK{display:none}}.bErStG{display:flex;width:100%;box-sizing:border-box;align-items:center;justify-content:center;gap:4px;background-color:#fde8ea;color:#ec1a2e}@media(min-width:768px){.bErStG{width:auto;justify-content:flex-start}}.vaVnf{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.jWuFRk{display:inline-flex;align-items:center;justify-content:center;gap:4px}.jWuFRk:hover .sc-hez36s-5,.jWuFRk:hover .sc-a5wy94-0{color:#ac2a2c}.hKrnEq{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.dWUzhG{display:flex;width:100%;flex-direction:column}@media(min-width:768px){.dWUzhG{display:flow-root;gap:24px;transition:margin-bottom .3s ease-in-out}}.bDgIJb{display:flex;width:100%;flex-direction:column;align-items:center;justify-content:center}@media(min-width:768px){.bDgIJb{position:relative;z-index:1;width:212px;flex-shrink:0;justify-content:flex-start;margin-left:24px;float:right}}.EYumw{display:none;flex-direction:row;align-items:center;justify-content:center;gap:8px;margin-top:8px}@media(min-width:768px){.EYumw{display:flex;margin-top:12px}}.kCOwPr{display:flex;width:100%;align-items:center;justify-content:center;gap:8px;margin-top:8px;margin-bottom:12px}@media(min-width:768px){.kCOwPr{display:none}}.iGXncB{display:flex;overflow:hidden;height:0;flex-direction:column;gap:8px;opacity:0;transition:all .3s ease-in-out}@media(min-width:768px){.iGXncB{display:flex;position:relative;width:auto;height:40px;order:-1;opacity:1;transition-behavior:allow-discrete}.iGXncB::after{--fade-from:rgba(253,232,234,0);--fade-to:#fde8ea;position:absolute;bottom:0;left:0;z-index:1;width:100%;height:40px;background-image:linear-gradient(to bottom,var(--fade-from),var(--fade-to));content:'';opacity:1;transition:opacity 150ms ease-out}}@media(min-width:768px){.doTReP{order:-1}}.ggPDxB{display:none;padding-top:8px;margin-top:16px;border-top:1px solid #919191}@media(max-width:767px){.ggPDxB{display:flex}}.gibhIT{display:none}@media(min-width:768px){.gibhIT{display:flex;position:relative;align-items:flex-start;margin-top:12px}}.dxwzhm{display:flex;min-height:600px;justify-content:center}@media(min-width:1000px){.dxwzhm{min-height:450px}}.gHNATZ{min-height:600px}@media(min-width:1000px){.gHNATZ{min-height:450px}}.gHNATZ.mobile-only{display:block}@media(min-width:1000px){.gHNATZ.mobile-only{display:none}}.gHNATZ.desktop-only{display:none}@media(min-width:1000px){.gHNATZ.desktop-only{display:block;margin-bottom:16px}}.gHNATZ.desktop-only+p{margin-top:0}.gHNATZ .third-party-ad{position:sticky;top:16px}.bJycyU{width:100%;flex-grow:1}.bJycyU .amp-article-content[amp-access][amp-access-hide]{display:block;overflow:hidden;max-height:360px}.bJycyU .amp-article-content[amp-access][amp-access-hide] .social-share{display:none}.bJycyU .amp-article-content[amp-access][amp-access-hide].show-all-content{max-height:100%}@media(max-width:594px){.bJycyU .amp-article-content[amp-access][amp-access-hide]{max-height:530px}}.bJycyU .amp-newsletter-reg-gate{position:relative;left:-12px;width:calc(100% + 24px)}.bJycyU .social-share{width:100%;padding-top:10px;padding-bottom:20px}@media(min-width:768px){.bJycyU .social-share{justify-content:flex-start}}.bJycyU .social-share.sticky{display:none}@media(min-width:1000px){.bJycyU .social-share.sticky{display:flex;position:sticky;top:14px;width:34px;flex-direction:column;padding-top:0;margin-top:0;margin-left:-25%}.bJycyU .social-share.sticky amp-social-share,.bJycyU .social-share.sticky .sc-mgcah7-0{margin:0 0 16px}.article-feature-video .bJycyU .social-share.sticky{margin-top:0}.article-feature:not(.article-feature-video) .bJycyU .social-share.sticky{margin-top:35%}}.bJycyU.sponsored-article img,.bJycyU.sponsored-article video{width:100%;max-width:602px;height:auto}.bJycyU.sponsored-article iframe{max-width:602px;max-height:400px}.bJycyU .under-article-prompt-donations{padding-bottom:8px;margin-top:-3px}.bJycyU .big-letter{--color:#222;display:flex;position:relative;width:0;height:0;align-items:center;justify-content:center;padding:40px;margin-top:22px;margin-right:12px;border:1px solid var(--color);float:left;font:normal 52px/1 'Indy Serif','Indy Serif Fallback',serif;text-transform:uppercase}.bJycyU .big-letter:first-child{margin-top:6px}.bJycyU .big-letter::before{position:absolute;top:0;left:0;width:100%;height:100%;box-sizing:border-box;border:1px solid var(--color);border-radius:50%;content:''}.bJycyU #taboola-below-article-1{min-height:2350px}@media(min-width:768px){.bJycyU #taboola-below-article-1{min-height:3370px}}.bJycyU #taboola-below-article-1-split-num-1{min-height:130px}@media(min-width:768px){.bJycyU #taboola-below-article-1-split-num-1{min-height:415px}}.bJycyU .sc-fwko30-0+.sc-1xtsh2b-0{margin-top:-16px}@media(min-width:768px){.bJycyU{max-width:636px;margin:0}}@media(min-width:1000px){.bJycyU{max-width:624px;margin:0}.bJycyU.subscribed{max-width:636px}}@media(max-width:999px){.bJycyU{padding-right:0}.bJycyU .under-article-prompt-donations{margin-top:-18px}}.bJycyU .anchor-nav-header{scroll-margin-top:79px}.bJycyU .anchor-nav-header a{color:#222}.bJycyU .anchor-nav-header a:hover{color:#222}.kvSKnI{display:flex;flex-wrap:wrap;justify-content:flex-start;margin-bottom:8px;color:#646464;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.kvSKnI{width:70%;align-items:center;justify-content:flex-start;margin-bottom:0;font:normal 16px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.kvSKnI{width:70%;margin-bottom:0}}.eXEVFg{display:flex;height:20px;margin:0 12px 8px 0}.article-voices .eXEVFg{height:auto}@media(min-width:425px){.article-voices .eXEVFg{height:20px}}.eXEVFg::before{display:inline-block;align-self:center;margin-top:1px;margin-right:12px;content:'\2022';transform:scale(1.5)}.eXEVFg:first-child::before{content:none}@media(min-width:768px){.eXEVFg{height:24px;margin-bottom:0}.eXEVFg::before{margin-top:2px}}.eXEVFg time{display:block}.eXEVFg time::first-letter {text-transform:capitalize}.eIoMWw{display:inline-block;margin:0 12px 8px 0;color:#ec1a2e;font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;letter-spacing:-0.5px}.eIoMWw:hover,.eIoMWw:active{color:#ac2a2c}@media(min-width:768px){.eIoMWw{margin-bottom:0}}.enHDwq{margin:0 4px 8px 0}.enHDwq::before{display:inline-block;margin-top:2px;margin-right:12px;color:#646464;content:'\2022';transform:scale(1.5)}.enHDwq:first-child::before{display:none}@media(min-width:768px){.enHDwq{margin-bottom:0}}.hfnwMY{display:flex;justify-content:flex-start;padding:0;margin:0 0 16px}@media(min-width:768px){.hfnwMY{display:flex;width:30%;align-items:center;justify-content:flex-end;margin:0}}@media(min-width:1000px){.hfnwMY{width:30%}}.hrDjjf{padding-top:0;border-top:0;border-bottom:0}@media(min-width:768px){.hrDjjf{display:flex;flex-flow:row wrap;padding-bottom:16px}.hrDjjf .sc-1qz44j0-0{order:1}.hrDjjf .sc-1qz44j0-10{order:2}}@media(min-width:1000px){.hrDjjf{flex-direction:row}}.dlBKBu{padding:16px 12px 12px;text-align:left;font:bold 14px/18px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.dlBKBu{padding:16px 16px 12px}}.article-infact .dlBKBu{padding:16px 0}@media(min-width:1000px){.dlBKBu{padding:24px 0 19px}.article-feature .dlBKBu{max-width:968px;margin:0 auto}}.dlBKBu a{color:#222}.dlBKBu a:hover{color:#ac2a2c}.dlBKBu a:hover::after{color:#222}.dlBKBu a::after{margin-right:4px;margin-left:4px;content:'>'}.dlBKBu a:last-child::after{display:none}.azcVx{margin:0 0 20px;letter-spacing:0}.VFZbw{margin:0;color:#646464;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.VFZbw{font:normal 18px/22px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.VFZbw{font:normal 20px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}.VFZbw p{font:inherit}.article-feature .VFZbw a{font-weight:bold}.fKNoab{max-width:968px;margin:0 auto;background:#fff}@media(min-width:1000px){.fKNoab{padding:0 16px}.parallax .fKNoab{max-width:1240px}}.bJjAgi{font:bold 32px/36px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0156em}@media(min-width:768px){.bJjAgi{font:bold 44px/48px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0113em}}@media(min-width:1000px){.bJjAgi{font:bold 54px/58px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0092em}}.dufPYg .sc-qvufca-0{margin:0 12px}@media(min-width:768px){.dufPYg .sc-qvufca-0{max-width:968px;margin-right:16px;margin-left:16px}}@media(min-width:1000px){.dufPYg .sc-qvufca-0{margin-right:auto;margin-left:auto}}.dufPYg .sc-qvufca-2{margin-bottom:16px;color:#222}@media(min-width:768px){.dufPYg .sc-qvufca-2{margin-bottom:18px}}@media(min-width:1000px){.dufPYg .sc-qvufca-2{margin-top:0}}.article-feature .dufPYg .sc-qvufca-2{text-align:center}@media(min-width:1000px){.article-feature .dufPYg .sc-qvufca-2{max-width:968px}}.dufPYg .sc-aeekvc-0{margin-bottom:16px}@media(min-width:1000px){.dufPYg .sc-aeekvc-0{max-width:968px}}.dufPYg .sc-aeekvc-0 p{margin-top:0}@media(min-width:768px){.dufPYg .sc-aeekvc-0 p{margin-bottom:16px}}@media(min-width:2560px){.dufPYg .sc-aeekvc-0 p{margin-bottom:12px}}.dyGKzS{--bleed:12px;display:flex;box-sizing:border-box;flex-direction:row;gap:32px;padding:16px var(--bleed);background-color:#fff}.article-liveblog .dyGKzS{background-color:#f7f7f7}@media(min-width:768px){.dyGKzS{--bleed:0;max-width:1000px;margin:0 auto}}@media(min-width:1000px){.dyGKzS{--bleed:16px;max-width:1000px;padding:var(--bleed)}}.gIldS{overflow:hidden;height:0;color:transparent}.kFPmfF{max-width:100%;margin:0 0 20px}.kFPmfF.sticky{position:sticky;top:16px}.iaRZct{min-height:600px}.iaRZct #mpu1{position:sticky;top:16px}.bFiDnI{min-height:250px}.jAzEot{max-width:100%}.eDScvc{margin:0 0 6px;color:#646464;font-family:'Indy Sans','Indy Sans Fallback',sans-serif;font-size:15px}.CmSgF{margin:0 0 12px}.lbFVDq{height:380px}.bsSHYO{width:100%;height:51px}.bjKtIv{margin-bottom:16px;border-bottom:1px solid #919191}.jLzsCV{margin-bottom:16px}.jLzsCV [role='listitem']{position:relative;margin-bottom:12px;border-bottom:1px solid #d3d3d3}.jLzsCV [role='listitem'] .sc-u4n1j-0{display:flex;position:absolute;bottom:16px;left:10px;width:32px;height:32px;align-items:center;justify-content:center;border-radius:50%;background-color:#ec1a2e}.jLzsCV [role='listitem'] .sc-u4n1j-0>svg{width:90%;fill:#fff;stroke:transparent}.jLzsCV [role='listitem']:first-child{display:block;padding-bottom:0;margin-bottom:12px}.jLzsCV [role='listitem']:first-child .sc-u4n1j-0{top:-15px;bottom:auto;left:12px;width:35px;height:35px}.jLzsCV [role='listitem']:first-child>*:first-child{display:block;width:100%;height:205px}.jLzsCV [role='listitem']:first-child>*:last-child{position:absolute;bottom:0;width:100%;padding:28px 12px 12px;background:linear-gradient(to top,#222 50%,rgba(34,34,34,0.9) 100%) no-repeat;color:#fff;font-size:17px;font-weight:bold}.jLzsCV [role='listitem']:last-child{margin-bottom:0;border-bottom:0 none}.kNZMQb{min-height:1924px}@media(max-width:767px){.kNZMQb{display:none}}.iFeFcz{width:308px}.iFeFcz.hidden{display:none}@media(max-width:999px){.iFeFcz{display:none}}.article-liveblog .fbWdwj{background-color:#f7f7f7}.eFgmkR{justify-content:center}.cvujVr{justify-content:center}
Tech Bitcoin price suddenly surges $4k as crypto market bounces back Ethereum and Solana among other leading cryptocurrencies to bounce back as investors ‘buy the dip’
Subscribe to Independent Premium to bookmark this article Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Subscribe Already subscribed? Log in Bitcoin shot up by 7 per cent on 29 November, 2021, amid a market-wide recovery (Getty Images)
Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Close Read more The price of bitcoin shot up by more than $4,000 overnight to recuperate losses suffered last week.
The cryptocurrency reached above $58,000 to close within $10,000 of the all-time high it reached earlier this month.
Follow our live coverage of the crypto market
The 7 per cent price rise was mirrored by several other leading cryptocurrencies, including Ethereum (ether) and Solana (SOL).
The overall crypto market rose more than 5 per cent to return above $2.5 trillion.
The bounce back could signal an end to the price correction BTC suffered after its record high, which blockchain data suggests was partly caused by long-term investors skimming profits from their holdings .
Concerns surrounding potential new cryptocurrency regulations introduced with the US infrastructure bill also contributed to the downturn, as well as fears that creditors of the collapsed crypto exchange Mt Gox could finally liquidate their payments.
The reason for the recovery is not immediately clear but is likely to be similarly multi-faceted.
One of the simplest explanations is that more bullish investors took the opportunity to “buy the dip” in expectation of the price returning to previous levels.
Among them was El Salvador President Nayib Bukele, who said on Friday that the Central American country had acquired “100 extra coins with a discount”.
El Salvador’s treasury now holds more than 1,200 BTC and has plans to use profits to build schools and animal hospitals. President Bukele also recently announced a $1 billion bitcoin bond to help fund the development of “Bitcoin City”.
Private investors also revealed they had acquired more cryptocurrency during the recent dip.
“I bought almost $10m worth of BTC and ETH at the current levels to add to my positions,” Alex Mashinsky, CEO of crypto rewards firm Celsius Network, tweeted shortly before the market surge.
“We may see a retest of $53k for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here.”
Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments