Bitcoin topped $40,000 today, regaining some of the losses that the world’s most popular cryptocurrency suffered in recent weeks, Coindesk has reported.
What Happened: Bitcoin hit the $40,538.66 mark, narrowing the distance from its all-time high, the $41.962.36 price set on January 8.
On January 22, the stock went as low as $28,845.31, amounting to a loss of 31.25% of its value. Over the last week, the BTC has made significant gains and the year-to-date gain is at 36.91%. It is up 39.72% from January 22’s value.
Why It Matters: According to Coindesk, over the last one week Bitcoin has gotten a boost from institutional money, including from Ray Dalio’s Bridgewater Associates and Miller Opportunity Trust.
It reported that MicroStrategy's WORLD.NOW BTC-themed conference is also leveraging BTC’s move.