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Bitcoin Rises Above $40K as Mining Council Plans to Address Environment Concerns
Bitcoin's recovery rally looks to be gathering steam, but the 200-day SMA hurdle is still intact.
Updated Sep 14, 2021, 1:01 p.m. Published May 26, 2021, 8:33 a.m.
Bitcoin's recovery gathered steam on Wednesday with prices topping $40,000 to hit the highest level in nearly a week.
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- The leading cryptocurrency by market value rose to $40,800 during the early European trading, a level last seen on May 21. Prices hit lows near $31,000 on May 23 and have been rising ever since.
- At press time, bitcoin was trading at $40,272, according to CoinDesk's Bitcoin Price Index. The cryptocurrency is yet to pass through the widely tracked 200-day simple moving average hurdle at $40,639.
- Major alternative cryptocurrencies (altcoins) are also gaining ground and flashing relatively bigger returns.
- Names including MATIC, LINK and BNB have gained 10% to 14%, while ether, the second-largest cryptocurrency, is trading 6% higher.
- Altcoins suffered sharp losses last week as bitcoin crashed. Ether fell by over 40%, registering its biggest weekly decline on record.
- The latest uptick in bitcoin and other coins comes on the heels of the Bitcoin Mining Council's plans to address concerns regarding the negative environmental impact of cryptocurrency mining.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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