The price of the first cryptocurrency has returned to the $40,000 level. The market capitalization of digital gold rose above $750 billion, according to CoinGecko.
Total cryptocurrency market capitalization has risen back above $1.8 trillion.
As of writing, the top 10 cryptocurrencies look like this:
Last week the price of digital gold fell below $33,000, and the capitalization of the cryptocurrency market contracted to $1.4 trillion.
On May 17, the total hash rate of the Bitcoin network fell by 20% due to power outages in the Chinese province of Sichuan caused by low rainfall and a shortage of coal.
On May 18, journalist Colin Wu reported that three associations at the People’s Bank of China released a joint notice prohibiting companies from engaging in cryptocurrency-related businesses.
On May 20, the US Treasury announced a new proposal by the Biden administration to strengthen tax compliance — to require bitcoin exchanges to report transactions exceeding $10,000.
On May 21, Vice Premier of the State Council of China Liu He, during a speech at the Financial Stability and Development Committee meeting, said the Chinese authorities plan to take measures against cryptocurrency mining.
Earlier this week, the famous American investor Bill Miller dismissed the current Bitcoin slump as a trivial matter. Cathie Wood, founder of ARK Investment Management, who participated in the discussion, said Bitcoin could rise to $500,000.
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