Mexico’s bitcoin market has been in a tailspin for months, with speculators unable to buy or sell bitcoins at the highest prices.
But the country’s bitcoin price has bounced back, with its highest price of around $1,000, according to the CoinDesk Bitcoin Price Index.
The latest surge comes as Mexico’s central bank announced a new measure to help curb speculation in the country.
The Central Bank of Mexico announced a bitcoin regulation last week, which aims to prevent people from using bitcoin for illegal activities.
The central bank said that people must be able to verify the source of funds and be able verify that the person is a citizen of Mexico.
The new regulations will require financial institutions to verify that all customers and their funds are legal.
The move comes as bitcoin’s value has surged in recent weeks, with bitcoin traders in Mexico reporting a surge of more than $600 billion ($570 billion) in the last 24 hours.