LONDON/SINGAPORE (Reuters) -Bitcoin climbed above $40,000 on Monday, after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment.
Jesse Powell is the chief executive and co-founder of crypto exchange Kraken. Kraken Kraken CEO Jesse Powell said he is considering an IPO whe…
El Salvador makes Bitcoin legal tender in a world first.
This comes at a time when the Indian government is mulling a bill to ban cryptocurrencies.
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Bitcoin slumped on Friday to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month. The biggest cryptocurrency extended earlier losses, falling as much as 8.2% to $35,339 as it stayed pinned in this week’s relatively tight trading range. “Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of $34,000 and $40,000,” said Ulrik Lykke, executive director at crypto hedge fund ARK36.
Around 4.5% of all bitcoin mining globally between January and April of this year took place in Iran, according to blockchain analytics firm Elliptic.
Exchanges have reasoned that cryptocurrency assets are closer to commodities than currencies,