Bitcoin price holding steady above $40,000

Bitcoin was trading around 0.1% lower on Wednesday morning.

The price was around $40,237 per coin, while rivals Ethereum and Dogecoin were trading lower at around $2,537 and 31 cents per coin, respectively, according to Coindesk.

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Bitcoin was holding steady after surging to $40,000 following another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

In other news, some 81% of fund managers believe Bitcoin is in a bubble, even after May’s 35% price crash, according to the latest Bank of America Global Fund Manager survey and reported by Coindesk.

The results for the period June 4-10 are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish. 

The survey showed 72% of the fund managers surveyed think the recent uptick in inflation is transitory. Bitcoin is often seen as a hedge against inflation, and many crypto analysts attribute the cryptocurrency’s gains over the past year to concern about increasing inflation.

Last week, El Salvador became the world's first country to recognize bitcoin as legal tender.

On Wednesday, El Salvador plans to build bitcoin mining factories that use geothermal energy from beneath its volcanoes.

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"The BBC reports that if bitcoin was a country, it would be in the top 30 energy consumers in the world. Additionally, the bitcoin industry's total carbon dioxide emissions equal the exhaust from around 9 million cars, according to a March report by Bank of America, cited by Reuters."