A photo illustration depicting the cryptocurrency bitcoin.
Jakub Porzycki | NurPhoto via Getty Images
Bitcoin price surged back above $ 40,000 on Wednesday morning, a week after the price fell 30% to around $ 30,000.
The world’s most popular cryptocurrency traded at $ 40,344.50 on Wednesday at 5:24 a.m. ET, up over 5% over the past 24 hours, according to Coin Metrics data.
All of the other major digital coins were also on Green Wednesday. The price of Ethereum has increased over 10% in the past 24 hours to $ 2,865.61, while the price of Dogecoin has increased a little more than 2% to 36 cents per coin.
The crypto sell-off last week came after authorities in China and the US tightened regulations and tax compliance on cryptocurrencies.
Chinese authorities on Friday called for tighter regulation of crypto mining and trading to reinforce the rules announced in 2017, and the U.S. Treasury Department announced on Thursday that it would require stricter compliance by crypto with the IRS.
But the cryptocurrency market is trying to offset some of the losses this week after falling again to nearly $ 31,000 on Sunday.
Bitcoin’s recent price spike is due to Tesla CEO Elon Musk speaking to Bitcoin miners in North America about renewable energy solutions on Monday. In an article published on Monday, hedge fund billionaire Ray Dalio said he had bitcoin.
