BITCOIN has bounced back above $40,000 after it yesterday suffered one of its worst crashes since last year.

The crash on Wednesday was driven by China banning financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.

As such bitcoin fell below $31,000 – less than half the all-time high price that it reached in mid April – before recovering to around $40,000 today.

And the cryptocurrency is still ahead of Tesla, as well as payment giants like Mastercard, PayPal and Visa.

It comes after Bitcoin plunged last week as Elon Musk said Tesla would no longer accept Bitcoin payments to buy cars.

But Cardano, Ethereum and dogecoin all remained steady following the billionaire’s announcement.

Read our cryptocurrency live blog below for the very latest updates…