On Wednesday, the world most famous cryptocurrency Bitcoin went up above $40,000 for the first time this week irrespective of the recent market tumbles and the signs that the coin might fall further. The cryptocurrency went up 6.5 percent from below $40,000 to $40,904. Other small cryptocurrencies, or shitcoins as they are popularly called, also gained from this pump.
Even though Bitcoin has reclaimed the $40,000 milestone, it is still down 30 percent this month and has lost almost 40 percent from its all-time high of $65,000 in April. Bitcoin has however, gained 40 percent this year.
The recent volatility in Bitcoin’s price is caused by reasons such as the fear of a crackdown in China on the emerging sector, Tesla’s rejection of the coin as a means of payment out of concerns that the process of Bitcoin mining is detrimental to the environment, etc.
Last week, Bitcoin fell as low as $30,066. This is the coin’s lowest since January as it has been faring well in the market.
Earlier on Monday, the price of Bitcoin went up 4 percent after Elon Musk tweeted that he was having discussions with miners about the sustainability of Bitcoin. His tweet read, “Spoke with North American Bitcoin miners. They committed to publish current and planned renewable usage and ask miners WW to do so. Potentially promising”. Not too long after the billionaire’s tweet, Bitcoin’s price went up to $39,500.
Although the recent turn out of events has not been the best for Bitcoin, experts still forecast that the coin will hit and exceed all old milestones.
A council to discuss and procure solutions for Bitcoin’s mining process was recently formed. It is called the Bitcoin Mining Council and its core aim is to ensure that Bitcoin is mined in a sustainably. Notable individuals like Elon Musk and Microstrategy’s Michael Saylor are part of this council.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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