The largest digital currency rose as much as 3.4 per cent and was holding at about $30,800
Bitcoin recovered from a one-month low and broke back above $30,000 on Wednesday, suggesting firm support around that level even as the mood in broader financial markets remained fragile
It was last up 0.5% at $39,189, straining to escape the relatively tight trading range of this month.
Currency markets settled in tight ranges with implied volatility plumbing to multi-year lows
China's central government vowed to clamp down on bitcoin mining and trading
Bitcoin climbed as high as $37,391
Analysts said the upheaval was far from over.
Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency.
The network to promote cryptocurrencies will likely become larger, say analysts
Bitcoin was trading at $32,990 in Asia on Monday, after soaring to a record high of $34,800 on Sunday
The currency gained as much as 7.8 per cent to $34,182.75, before slipping to about $33,970 as of 3:05 p.m. on Sunday in Singapore
Early Thursday stock gains included Marathon Patent Group's rise of as much as 20 per cent, lifting shares to the highest since March 2018
The rout began just hours after Bitcoin rose to within $7 of its record high of $19,511, the culmination of a more than 250% surge in past nine months
Bitcoin has soared over 130% this year, and is up more than four-fold from its March lows
The largest digital token, trading around $7,200, has posted gains of more than 9,000,000 per cent since July 2010, according to data compiled by Bloomberg.
Exchange operators, investors and analysts say people are rushing to take advantage of a three-month window
Their caution is the latest sign of doubt among investors that the red-hot rise of bitcoin and its ilk is sustainable
The move adds a new hurdle to the bid by Wall Street firms to capitalise on investor interest in cryptocurrencies
Ethereum, the second-largest by market value, has roughly tripled in the last two months
The government clarified that virtual currencies are not legal tender and are neither currencies nor coins