 Bitcoin climbed back above $40,000 on Wednesday for the first time this week as recent volatility in the cryptocurrency market showed few signs of dampening down. Bitcoin jumped as much as 6.5% to $40,904, smaller coins which tend to rise and fall with the largest cryptocurrency also gained, with Ether climbing over 7.5% to over $2,906. Still, Bitcoin is down 30% this month and has lost over 37% from its record high of almost $65,000 hit in April. It has gained over 40% this year however. Among the drivers of Bitcoin's recent slump have been fears of a crackdown in China on the emerging sector as well as concerns over the environmental impact of Bitcoin production and energy-intensive process known as mining. Bitcoin plumbed 30,066 last week, its lowest since January, in highly volatile trading. China's northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business days after Beijing vowed to crackdown on Bitcoin mining and trading.