Bitcoin price breaks above $40,000; a potential bull run ahead?

The price of the leading cryptocurrency bitcoin once again broke above $40,000 after plunging to $30,000 over a week ago.

The leading cryptocurrency has once again recovered above the $40,000 mark as traders expect a potential bull run ahead. Earlier this month, the price of bitcoin had fallen to as low as $30,000 after a series of negative news surrounding the crypto industry. At the time of writing, bitcoin is trading at $40,425, as per CoinMarketCap data. Bitcoin is up 4.25% in the last 24 hours. 

 

Elon Musk tweets he spoke with North American bitcoin miners.

One of the reasons attributed to bitcoin’s fall earlier this month was Tesla’s decision to suspend bitcoin payments for its electric vehicles. Elon Musk cited environmental concerns for the decision to suspend bitcoin payments. Now, the tech billionaire has tweeted that he spoke to North American Bitcoin miners. “They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising,” he added. Elon Musk got a lot of flak from the crypto community for criticizing bitcoin earlier this month. Tesla CEO’s tweets in the past have had a significant effect on bitcoin prices. 

 

A potential BTC bull run ahead? 

The price of bitcoin has crossed the $40,000 mark for the first time since the crypto market crash earlier this month. The crash in bitcoin price coincided with Chinese authorities announcing a ban on bitcoin mining and several crypto mining firms pulling out of China. Earlier, Elon Musk had also called bitcoin “highly centralized” and is controlled by a few big mining firms. Now the bitcoin has once again jumped above the $40,000 mark, a potential bull run might be expected once again. In the previous bull run this year, bitcoin had set an all-time high of nearly $65,000. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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