{"id":126575,"date":"2021-05-28T00:49:18","date_gmt":"2021-05-28T00:49:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=126575"},"modified":"2021-05-28T00:49:18","modified_gmt":"2021-05-28T00:49:18","slug":"bitcoin-reclaims-40000-as-crypto-volatility-lingers","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/bitcoin-reclaims-40000-as-crypto-volatility-lingers\/","title":{"rendered":"Bitcoin reclaims $40,000 as crypto volatility lingers"},"content":{"rendered":"
LONDON, May 26 (Reuters) – Bitcoin climbed back above $40,000 on Wednesday for the first time this week, as recent volatility in the cryptocurrency market showed few signs of dampening down.<\/p>\n
Bitcoin jumped as much as 6.5% to $40,904. Smaller coins, which tend to rise and fall with the largest cryptocurrency, also gained, with ether climbing over 7.5% to over $2,906.<\/p>\n
Still, bitcoin is down 30% this month, and has lost over 37% from its record high of almost $65,000 hit in April. It has gained over 40% this year, however.<\/p>\n
Among the drivers of bitcoin\u2019s recent slump have been fears of a crackdown in China on the emerging sector, as well as concerns over the environmental impact of bitcoin production, an energy-intensive process known as mining.<\/p>\n
Bitcoin plumbed $30,066 last week, its lowest since January, in highly volatile trading.<\/p>\n
China\u2019s northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading.<\/p>\n