Bitcoin excites for the first time in June, hits over $40,000 mark

Bitcoin excites for the first time in June, hits over $40,000 mark

The past few weeks have not been the best of times for the flagship cryptocurrency after the Tesla C.E.O Elon Musk announced that his company has suspended the receipt of bitcoin for purchases of their products/Tesla cars.

Subsequently the Chinese government reiterated its ban on the flagship crypto as well ban financial payment institutions from aiding trading and holding, while the United states took a step to regulate cryptocurrency citing too many exigencies.

Investors were seen to pull out their coins, while there were sell-offs, some stored in a hard wallet to dodge trends hoping to bounce back at price rally.

However, on the hills of Elon Musk’s remark that the company will resume the acceptance of bitcoin the moment renewable energy hits 50% seem to have reignited interest into the flagship cryptocurrency again.

Consequently, the bullish trend could be traced back to last week when El Salvador announced it has legalized bitcoin as the country’s legal tender and urged merchants to commence acceptance in earnest.

While this stands, the President also announced the possibility of volcano-based mining for bitcoin miners who may consider moving their bitcoin mining business into El Salvador.

To bolster bitcoin, C.E.O tesla Elon Musk has publicly denied claims that the company had sold all of its’ BTC holdings, however mentioned that if bitcoin energy usage is renewable by 50% the company will get back to accepting bitcoin as a means of payment.

In his statement to counter the claims he said,

“This is inaccurate. Tesla sold 10% of holding to confirm BTC could be liquidated easily without moving the market. When there’s confirmation of reasonable 50% clean energy used by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

This is undoubtedly believed to be pushing bitcoin and the entire crypto market into a sudden bullish trend, for the day, bitcoin is currently trading at $40,300 as at the time of writing this piece.

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