<a href="https://www.thenationalnews.com/business/money/is-the-latest-bitcoin-crash-the-end-or-just-another-beginning-1.1232138" target="_blank">Bitcoin</a> gained more than 13 per cent in value on Monday morning as it led a rebound in cryptocurrency valuations from their recent slump. The world's biggest cryptocurrency rose to $39,179.82 on the Luxembourg-based Bitstamp exchange by 10.30am UAE time, which is partly a natural correction given the recent slump. It is also a response to an unconfirmed report by London-based newspaper <i>City AM</i> that Amazon is preparing to accept Bitcoin as a method of payment, as well as working on its own token concept. Amazon did not immediately respond to a request to comment. "Over the past two to three months, we have seen <a href="https://www.thenationalnews.com/business/money/can-bitcoin-s-value-really-soar-to-400-000-pocketful-of-dirhams-1.1141328" target="_blank">Bitcoin</a> pull back after a historic rally to $64,000. This is quite normal with any meteoric rise in an asset's price," said Vijay Ayyar, head of business development at cryptocurrency company Luno. "While we had a 50 per cent correction as the first leg of a corrective rally, we are potentially now seeing the immediate bounce that could take <a href="https://www.thenationalnews.com/business/money/should-you-invest-in-bitcoin-or-ether-1.1219158" target="_blank">Bitcoin</a> beyond $40,000, to around $45,000 to $48,000," he said. The revival in Bitcoin's price pushed its market capitalisation back up to just below $796 billion and means the cryptocurrency has increased in value by more than 32 per cent since falling to $29,539 during last Tuesday's slump. Other <a href="https://www.thenationalnews.com/business/money/what-cryptocurrency-investors-get-wrong-about-economics-1.1249683" target="_blank">cryptocurrencies</a> also rebounded in value on Monday, with Ether trading more than 10 per cent higher at $2,385.60 and XRP up 11 per cent to $0.675. Traders in <a href="https://www.thenationalnews.com/business/money/2021/07/24/uae-institutional-investors-plan-to-increase-exposure-to-cryptocurrencies-survey-reveals/" target="_blank">cryptocurrencies</a> also appear to be less worried about the threat of regulation, at least in the US, according to Naeem Aslam, chief market analyst at broker Avatrade. A number of asset managers have been waiting for the Securities and Exchange Commission to approve their applications to create a Bitcoin exchange-traded fund but the regulator has yet to give the green light to any. A Bitcoin Trust operated by Grayscale currently has more than $21bn of assets under management, but it charges investors annual fees of 2 per cent. "It seems more possible today that the SEC will pass the Bitcoin ETF – whenever that will happen," Mr Aslam said. "In terms of Bitcoin's price action, we are more focused on the $45,000 level and once the price is above that, we are very likely to see some more bullish bets coming into the market." A Bitcoin ETF run by Canadian digital asset manager 3iQ already trades on the Toronto stock exchange and recently secured a secondary listing on Nasdaq Dubai.