Bitcoin’s recovery gathered steam on Wednesday with prices topping $40,000 to hit the highest level in nearly a week.
- The leading cryptocurrency by market value rose to $40,800 during the early European trading, a level last seen on May 21. Prices hit lows near $31,000 on May 23 and have been rising ever since.
- At press time, bitcoin (BTC, +3.21%) was trading at $40,272, according to CoinDesk’s Bitcoin Price Index. The cryptocurrency is yet to pass through the widely tracked 200-day simple moving average hurdle at $40,639.
- Major alternative cryptocurrencies (altcoins) are also gaining ground and flashing relatively bigger returns.
- Names including MATIC, LINK (+18.13%) and BNB have gained 10% to 14%, while ether (ETH, +4.69%), the second-largest cryptocurrency, is trading 6% higher.
- Altcoins suffered sharp losses last week as bitcoin crashed. Ether fell by over 40%, registering its biggest weekly decline on record.
- The latest uptick in bitcoin and other coins comes on the heels of the Bitcoin Mining Council’s plans to address concerns regarding the negative environmental impact of cryptocurrency mining.
- BY: Omkar Godbole