Crypto markets rose on Thursday, shrugging off a tougher regulatory stance from the U.S. government.

Bitcoin gained 2.4% to $24,579.55 at around 7:45 a.m. ET while ether was up more than 1% at $1,686.87, according to Coin Metrics.

There are ” increasing signs that the market bottomed last November and has turned bullish,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.

“We are gaining in momentum here and any bad news is being shrugged off, typical signs that the market believes the worst is over.”