Bitcoin hovers around $ 40,000 after a wild week of trading

A photographic illustration showing the cryptocurrency bitcoin.

Jakub Porzycki | NurPhoto via Getty Images

The price of bitcoin rose again above $ 40,000 on Wednesday morning, a week after its price fell 30% to around $ 30,000.

The world’s most popular cryptocurrency was trading at roughly $ 40,770 around 2:40 a.m. ET on Wednesday, according to data from Coin Metrics. The price dropped back down to $ 39,775 at 6:45 am ET, but is still around 5% in the prior session.

All other major digital currencies were also in the green on Wednesday. The price of Ethereum has risen more than 10% in the last 24 hours to $ 2,813, while the price of Dogecoin has risen a little more than 4% to 35 cents a coin.

Last week’s cryptocurrency selloff came after authorities in China and the US took steps to tighten regulation and tax compliance for cryptocurrencies.

Chinese authorities called for stricter regulation on cryptocurrency mining and trading on Friday, tightening the rules announced in 2017, and the US Treasury announced Thursday that it would require stricter crypto compliance with the IRS.

But the cryptocurrency market is trying to recoup some of the losses this week after it plunged again on Sunday to nearly $ 31,000.

The latest Bitcoin price surge comes after Tesla CEO Elon Musk said on Monday that he spoke to Bitcoin miners in North America about renewable energy solutions. Elsewhere, hedge fund billionaire Ray Dalio said in an article published Monday that he has some bitcoin.

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