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Crypto price news – live: Bitcoin crash halted after Elon Musk says Tesla has ‘diamond hands’

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Bitcoin has crashed in price by more than a third since April 2021 (AFP via Getty Images)
Bitcoin has crashed in price by more than a third since April 2021 (AFP via Getty Images)

Bitcoin has rebounded from one of the most severe price crashes in its history on Wednesday, helping to steady the wider crypto market.

Ethereum (ether), Cardano (ada) and dogecoin have all remained relatively calm overnight, after Elon Musk tweeted that Tesla would not be selling its substantial cryptocurrency holdings.

Watch: Bitcoin price swings continue as Musk tweet sparks rebound

The initial crash on Wednesday was prompted by an announcement from regulators in China that cryptocurrency payments would be banned, though individuals in the country will still be permitted to own cryptocurrencies.

The news saw bitcoin fall below $31,000 – less than half the all-time high price that it reached in mid April – before recovering to around $40,000 on Thursday.

Cryptocurrency experts and market analysts appear divided over whether this crash is similar in magnitude to the one seen in 2017/18, or simply a price correction on the way to new record highs in 2021. We’ll have all the latest updates, as well as a Q&A session where you have the chance to ask our experts anything.

Watch: How to prevent getting into debt

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