Bitcoin price climbed above $40,000

May 26, 2021

Bitcoin price climbed above $40,000

The rate of the first cryptocurrency returned to the level of $40,000. The capitalization of digital gold exceeded $750 billion, according to CoinGecko.

The total capitalization of the cryptocurrency market returned to values above $1.8 trillion.

As of this writing, the top 10 cryptocurrencies look like this:

Last week, the price of digital gold fell below $33,000 and the cryptocurrency market capitalization shrank to $1.4 trillion.

On May 17, the total processing capacity of the bitcoin network fell by 20%. The cause was power outages in China's Sichuan province due to low rainfall and a shortage of coal.

On May 18, journalist Colin Wu reported that the three associations under the People's Bank of China issued a joint notice prohibiting companies from supporting cryptocurrency-related business.

On May 20, the U.S. Treasury Department announced a new proposal from the Joe Biden administration to strengthen tax compliance - requiring bitcoin exchanges to report transactions over $10,000.

On May 21, Liu He, Vice Premier of China's State Council, announced the Chinese authorities' plans to take action on cryptocurrency mining during a speech at a meeting of the Committee on Financial Stability and Development.

Recall that the famous American investor Bill Miller called the current bitcoin collapse a trifle. Katie Wood, the founder of ARK Investment Management, who participated in the conversation, said that bitcoin can rise to $500,000.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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