Bitcoin (BTC) value is over $ 40,000 after a wild week of buying and selling

A bitcoin sign can be seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.

Chris McGrath | Getty Images

Bitcoin’s price hovered above the $ 40,000 level on Friday as a comeback for the world’s leading cryptocurrency was scrutinized by regulation concerns.

The digital coin rose 1.7% at a price of $ 40,841 at 6 a.m. ET, according to Coin Metrics. It jumped above the $ 42,000 mark on Thursday as digital currencies attempted to rebound from a brutal sell-off earlier in the week.

Other cryptocurrencies lay on Red Friday, with the ether falling 2.2% to $ 2,741, the XRP falling 4.6% to $ 1.13, and the Litecoin falling 2.4% to $ 206. Dogecoin, a meme-inspired crypto backed by Tesla CEO Elon Musk, fell 2.6% to 39 cents.

Bitcoin’s profits were capped Friday after the U.S. Treasury Department announced a day earlier that a transfer of cryptocurrencies worth $ 10,000 or more must be reported to the Internal Revenue Service.

“Cryptocurrency already poses a significant identification problem as it broadly facilitates illegal activities, including tax evasion,” the Treasury Department said.

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