Market Update – Bitcoin Regains $40,000 Level

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The situation in the market seems to be changing after suffering a deep fall resulting from the news China has banned banks from offering their services to cryptocurrency-related firms.

While Bitcoin was trading at $35,000 yesterday at this time, it is now trading at $41,580.66 (+17,76%). The rest of coins from CoinMarketCap’s list of 10 largest cryptocurrencies are enjoying 2-digit gains (with the only exception of Tether, which is posting a 0.01% loss), a situation very different from yesterday, when we were talking about 2 digits, but in the red area.

The reason behind this rebound is not clear, as there does not seem to be a particular trigger for the current growth.

While the situation seems to be improving today, the recent crash saw ETH transaction fees soaring to $1,000, mainly due to the “gas wars amongst liquidators and arbitrageurs” in the DeFi sector.

The news that non-governmental environmental organization Greenpeace has suspended BTC donations due to the impact of the crypto on the environment does not seem to have affected the market.

In short, the crypto market is experiencing healthy gains despite the lack of a clear trigger and ignoring the fact that Greenpeace will not longer accept the benchmark cryptocurrency to receive donations, a fact that might have affected the BTC price in a different scenario.