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The price of digital currency Bitcoin topped $40,000 for the first time Thursday as continued monetary easing by major central banks over the coronavirus pandemic prompted investment in the cryptocurrency market.

The value of Bitcoin has grown at an accelerated pace, exceeding the $40,000 threshold only five days after it passed $30,000. The price of Bitcoin reached $20,000 in mid-December.

According to U.S. media, the total market value of digital currencies including Bitcoin has topped $1 trillion.

Bitcoin’s price rose to the $19,000 level in 2017 when investors sought the cryptocurrency as a lucrative investment, but plunged to below $4,000 the following year.

Group of 20 major economies are stepping up efforts to tighten controls on existing cryptocurrencies while remaining cautious about allowing new global digital currencies such as Libra of Facebook Inc., due mainly to risks of money laundering and illicit finance.

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