LONDON (Bywire News) - On Wednesday, for the first time this week, Bitcoin reached a value of over $40,000, as inconsistency looms over the rest of the crypto world, with little signs of easing up.
Bitcoin reached a total of $40,904, an increase of 6.5%, while smaller crypto coins also saw a rise. Ether for example climbed over 7.5%, bringing it to over $2,906.
Despite the jump, Bitcoin remains 30% down this month, losing more than 37% of its $65,000 record high in April. This year alone Bitcoin has reached over 40%.
Some of the causes behind Bitcoin's recent drop include concerns of a crackdown on the emerging crypto sector in China, accompanied by the worry of what impact Bitcoin production has on the environment. Bitcoin is produced through an energy-intensive procedure, better known as mining.
Last week, Bitcoin saw a decrease of $30,066, the lowest its ever been since January.
On Tuesday, the Chinese northern region of Inner Mongolia promoted a campaign against cryptocurrency mining. They published a draft set of rules to deconstruct the sector, the move came just days after Beijing pledged to abolish both mining and trading of Bitcoin.
(Reporting by Tom Wilson and Klaudia Fior; editing by Thyagaraju Adinarayan)