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Bitcoin faces a stormy week making its value of $ 32,000

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The cryptocurrency market rose on Monday after a stormy week during which billions of dollars were wiped off the value of Bitcoin.

Bitcoin rebounded above $ 38,000 on Monday after falling below $ 32,000 on Sunday.

Bitcoin has risen nearly 15 percent at $ 39,036 in recent hours, according to For site CoinDesk, which made the market value of the most popular cryptocurrency in the world at about $ 711.9 billion.

Ethereum, the second most popular cryptocurrency in the world, rose from less than $ 1,800 on Sunday to more than $ 2,400 on Monday.

Ethereum traded around $ 2,403 in recent hours, up 25.5 percent over the 24 hours, and with a market value of about $ 278.8 billion.

Dogecoin has also shown signs of recovery, rising from 24 cents on Sunday to 34 cents on Monday.

All in all, the cryptocurrency market was buoyant Monday, with a handful of lesser-known currencies plummeting in the past 24 hours.

The sell-off of cryptocurrencies last week came after authorities in China and the United States moved to tighten regulations and tax compliance on cryptocurrencies.

Chinese authorities called for tougher regulation around digital currency mining and trading on Friday, and the US Treasury announced on Thursday that it requires stricter cryptocurrency compliance with the IRS.

Bitcoin fell more than 30 percent on Wednesday to nearly $ 30,000, its lowest price since late January, while the cryptocurrency peaked in April near $ 65,000.

The sale was a major reversal of the cryptocurrency, which appears to be gaining momentum among the major Wall Street banks and publicly traded companies.

However, this month Bitcoin was hit by a flurry of negative headlines from major influencers and regulators.

Tesla CEO Elon Musk, who helped stoke bullish sentiment when his company announced in February that it had bought $ 1.5 billion of Bitcoin, caused a blow earlier this month when he announced that the automaker had suspended purchases of cars using cryptocurrency due to Environmental concerns.

Musk then sent conflicting messages about his Bitcoin location, and implicitly indicated in a tweet that Tesla might have sold its property, to later clarify that it had not.

The asset class remains extremely volatile, with significant price movements likely due to a single tweet or public comment.

A JPMorgan report showed that major institutional investors were ditching Bitcoin in favor of gold, raising questions about institutional support for the cryptocurrency.

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