Bitcoin regains the $40,000 mark

Posted 16 March, 2022

Bitcoin was trading again at over $40,000 midday on Wednesday. Since the start of the week, it had traded mostly below this symbolic mark.

On the Bitstamp platform, the first cryptocurrency was worth $40,500, almost 4% more than a week earlier. All bitcoins in circulation represent a market capitalization of 770 billion, up from 35 billion.

The outcome of a European Parliament vote brought relief to the cryptocurrency market on Monday. A majority of the Economic Affairs Committee opposed a plan for a de facto ban on power-hungry digital currencies like bitcoin.

The issue of cryptocurrencies is also fueling debate in Switzerland. Cryptographic service provider Bitcoin Suisse has submitted a motion to the General Assembly of the Swiss National Bank (SNB) to establish the operational provision for the purchase and holding of bitcoins.

"Adding bitcoin to the SNB's reserves would fulfill the mandate of maintaining long-term value and strengthening Switzerland's political independence," said Luzius Meisser, Chairman of the Board of Directors of the SNB. Zug company, in an interview with "Finanz und Wirtschaft".

On the international scene, the news from the Middle East caused a stir, with the news that crypto exchanges Binance and FTX obtained licenses in Dubai and Bahrain respectively.

Bitcoin's mid-week appreciation helped it gain ground against its major rivals. According to the specialized portal CoinGecko, the market capitalization of the entire cryptocurrency market remained almost stable on a weekly basis, at 1867 billion dollars. Bitcoin's share rose to 41%, after 40%.

Over the past week, Ether, number two in the crypto market, fell slightly to $2,680. The Binance coin also lost some ground, while other altcoins like Solana or Cardano gained ground.

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