Bitcoin’s recovery gathered steam on Wednesday with prices topping $40,000 to hit the highest level in nearly a week.

  • 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.

Also read: Michael Saylor: Mining Council Will ‘Defend’ Bitcoin Against ‘Uninformed’ and ‘Hostile’ Energy Critics

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