As stock traders bailed out and traders took confidence from recent optimistic remarks about Bitcoin from high-profile investors, the price of bitcoin broke above $40,000.
The price of bitcoin was last up 1.7 percent to $40,149, while ether, a competing cryptocurrency, was up 1% to $2,328. Bitcoin is just a hair’s breadth away from breaking through its 100-day moving average.
On the coinmarketcap.com Index, bitcoin was trading at $40,094.84 at 1130 hours IST on July 28.
The rapid spike in the cryptocurrency market could also be the consequence of traders buying bitcoin to fill short positions after betting that its value would continue to plummet.
The most recent increase came after Tesla revealed in its June quarter reporting that it had $1.3 billion in Bitcoin.
Elon Musk has always been at the forefront of the crypto market.
Tesla may soon resume taking Bitcoin payments, according to Musk.
The very next surge happened when Amazon posted a job listing stating, “The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
The brief surge in Bitcoin near the weekend’s end bolstered the cryptocurrency market as a whole.
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