Bitcoin staged a rebound on Friday, jumping above $30,000 despite the ongoing woes of stablecoin TerraUSD which has caused panic in the crypto market.

The world’s largest cryptocurrency bitcoin was trading at around $30,262.85 at 4 a.m. ET on Friday, according to CoinGecko data, up 8% in the last 24 hours after it dropped to levels not seen since late 2020 earlier this week.

However, the digital currency is still down 16% in the last seven days.

The recent crypto meltdown, which has seen billions of dollars wiped off the market, has in large part been sparked by the crash of a controversial stablecoin known as TerraUSD or UST, which is supposed to be pegged one-to-one with the U.S. dollar.

UST has however lost its peg and on Friday was trading at around 14 cents, according to data from CoinGecko.

Luna, a token closely associated with U