The price of the world's most famous cryptocurrency, Bitcoin, reached $41,929.08 on 20 May and continues to grow, according to market statistics from CoinDesk.
Earlier this week, Bitcoin dropped by 13% and briefly plunged below $39,000 after China banned financial and payment companies from providing services related to cryptocurrency transactions. The Financial Times previously reported that Beijing barred financial and payment institutions from accepting cryptocurrencies as payment or offering services and products related to them.
On 12 May, the situation on the cryptocurrency market changed significantly when Tesla founder Elon Musk announced that the company would stop its newly established practice of accepting Bitcoin as a payment method because the cryptocurrency has a major impact on climate change due to the huge amounts of electricity used to mine it. Following the news, the price of Bitcoin dropped by over 17 %.