It has not yet come close to the April record, as the bitcoin price history shows, but bitcoin has been strengthening practically the whole week. On Wednesday, the exchange rate even returned above the $40,000 mark. It also strengthened the second most famous cryptocurrency, Ethereum. This follows from the information of individual exchanges.
Bitcoin price history and exchange rate
Last week, bitcoin experienced a free fall without exaggeration. On Wednesday, its rate fell to $30,201, while the rate was more than doubled last month. Bitcoin was last traded at the beginning of this year for thirty thousand dollars, but then the exchange rate strengthened dramatically despite smaller or larger fluctuations.
This week, however, bitcoin record is gradually strengthening. Bitcoin started the week at $32,738. But on Wednesday night, one coin traded at peak hours for as little as $40,702.
However, it is worth noting that the exchange rate was slightly lower on Thursday afternoon, namely $39,621. It is still one of the highest values this week.
Ethereum also gain some strength. It started on Monday at a rate of $1,910. On Thursday afternoon, the rate was already $2,806.
China and Elon Musk
The cryptocurrencies started to fall sharply at the beginning of last week due to a single tweet by Elon Musk. People were afraid that his carmaker Tesla had started getting rid of bitcoins. As the bitcoin price history shows, tweets from Elon Musk can sometime make a pretty messy situation for cryptocurrency investors.
Although Musk put things right after just a few hours, stressing that the world’s most famous electric car manufacturer only suspended Bitcoin payments but did not get rid of any virtual coins, it did not start growing again.
Last Tuesday, China decided to curb cryptocurrency transactions, which accelerated the decline of bitcoin and other cryptocurrencies, as Reuters reported. Newly, financial institutions and payment companies are not allowed to provide any cryptocurrency services in the world’s most populous country.
At the same time, China is the country where cryptocurrencies are most often mined. Currently, this country accounts for more than 75% of bitcoin mining on a global scale.
