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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Bitcoin»Bitcoin Price Pushes Past $40,000 After a Wild Week of Trading
    Bitcoin

    Bitcoin Price Pushes Past $40,000 After a Wild Week of Trading

    1
    By Tapiwa Matthew Mutisi on May 26, 2021 Bitcoin, Business, Cryptocurrency, Digital currrency, Report

    The price of bitcoin climbed back above $40,000 on Wednesday morning, a week after its price tumbles 30% to around $30,000. According to Coin Metrics data, the world’s most popular cryptocurrency was trading at $40,344.50 at 5:24 a.m. ET (11:24 a.m. South Africa) on Wednesday, up over 5% over the last 24 hours.

    All the other major digital coins were also in the green Wednesday. Ethereum’s price has risen over 10% in the last 24 hours to $2,865.61, while Dogecoin’s price has climbed a little over 2% to 36 cents a coin. Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies.

    Virtual currencies have swung wildly in recent days after billionaire Elon Musk criticized Bitcoin’s energy consumption and said Tesla Inc. was suspending payments using the token. Tough regulatory rhetoric on cryptocurrencies from China exacerbated the selloff, which saw leveraged investors unwind positions.

    China Crackdown Forces Crypto Mining Operators to Seize Operations

    Chinese authorities called for tighter regulation on crypto mining and trading on Friday, reinforcing rules announced in 2017, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS. But the cryptocurrency market is trying to recover some of the losses this week after it plunged again on Sunday to almost $31,000.

    Elon Musk Might be Having a Change of Heart on Bitcoin Mining

    Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

    — Elon Musk (@elonmusk) May 24, 2021

    Bitcoin’s latest price rise comes after Tesla CEO Elon Musk said on Monday he spoke to bitcoin miners in North America about renewable energy solutions. Elsewhere, hedge fund billionaire Ray Dalio said in an article published on Monday that he has some bitcoin.

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    Bitcoin Bitcoin mining Blockchain technology CEO Elon Musk cryptocurrencies Digital currency Digital Payments Renewable Energy
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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    1. Pingback: Blockchain Startup Chia, the ‘Green’ Bitcoin Alternative, Looks to IPO as Early as this Year | Innovation Village | Technology, Product Reviews, Business

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