The digital currency has jumped 5.4% over the last 24 hours, reaching $34,368 per coin, according to CoinDesk.
The cryptocurrency has lost almost half its value since it hit an all-time high in April.
Other currencies have experienced similar price swings. Ethereum and dogecoin each rebounded about 4.8% and 8.9% respectively on Wednesday, after getting caught in the selloff earlier this week.
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