Bitcoin pushes towards $40,000 mark | Business – The Times

Bitcoin nudged the $40,000 level yesterday at $39,999, helping to inflate the value of the cryptocurrency market above $1 trillion for the first time.

The digital currency hit a new record with a rise of 7 per cent, or $2,604.36, to $39,414.98, having broken the $37,000 barrier earlier in the day.

It hit a previous high of $34,800 on Sunday, which was also the 12th anniversary of the bitcoin network being created. Bitcoin first breached the $20,000 mark in mid-December.

Its supporters say the rally validates its status as a store of wealth, although detractors claim that the market is a bubble destined to burst.

Other cryptocurrencies have risen in Bitcoin’s wake and the value of the market, which includes ethereum, exceeded $1 trillion for


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