Bitcoin surged to above the $40,000 mark after Tesla CEO Elon Musk hinted that his company may once again resume Bitcoin transactions.

Musk had initially sent Bitcoin and other cryptocurrencies into a tailspin after the billionaire investor announced that his company, citing environmental concerns, was suspending the use of Bitcoin to purchase vehicles. He cited concerns about the environmental toll of mining for Bitcoin, especially in places like China that use coal-fired energy.

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