Bitcoin Reclaims $40,000 After Brutal Crash

Alex Dovbnya

Bitcoin has pared all of its recent losses driven by the China crackdown

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Wed, 26/05/2021 - 6:53

Bitcoin Reclaims $40,000 After Brutal Crash

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Bitcoin reclaimed the pivotal $40,000 level at 6:25 a.m. UTC on the Bitstamp exchange.

The leading cryptocurrency is now up nearly six percent over the past 24 hours, currently trading at $40,756.

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After swiftly recovering from its May 19 crash, Bitcoin endured yet another crash within the same week due to a top Chinese regulator clamping down on cryptocurrency mining.

As reported by U.Today, veteran trader John Bollinger tweeted that Bitcoin was forming a double bottom on Sunday.

Bitcoin is now up over 30 percent since the May 23 low.

#Bitcoin News

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.