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Bitcoin creeps back to $40,000

Bitcoin remains up by 38.2% since the turn of the year

Bitcoin, after another chaotic month, has made its way above $40,000, as it seems to be recovering somewhat after a sell-off over the weekend.

At the time of writing, one bitcoin is valued at $40,188.8, 2.26% up in the last 24 hours.

That is having dropped below $38,000 during the same period of time.

Since the beginning of 2021 bitcoin is up by 38.2%.

Recent downturns came thick and fast as a range of factors, including announcements by the Iranian and Chinese governments, as well as tweets by Elon Musk, undermined the cryptocurrency’s value.

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“Bitcoin’s energy consumption, and in particular, the percentage of power coming from renewable energies, has been the source of a lot of fear, uncertainty, and doubt lately, so seeing mining companies volunteering to report publicly on this is a good thing, as long as they don’t try to force any changes to the protocol without first reaching broad consensus across the entire network,” said Mati Greenspan, CEO and founder of Quantumeconomics.io.

Earlier this week news emerged that an “irresponsible” advert had been banned in the UK as it encouraged inexperienced buyers to come to the market.

A poster visible across London’s public transport network by crypto exchange Luno said: “If you’re seeing Bitcoin on the underground, it’s time to buy”.

The Advertising Standards Authority (ASA) said the advert was misleading and omitted important information regarding the potential risks involved in buying bitcoin.

“We understood that Bitcoin investment was complex, volatile and could expose investors to losses,” the ASA said. “That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”

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