Bitcoin soars in hopes of wider acceptance | Business and Economy News

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This increase follows positive comments from Elon Musk as well as news of potential use by Amazon, Twitter.

Cryptocurrencies have peaked in recent ranges as short sellers bailed out following a strong week and traders were hoping that a handful of positive comments from influential investors could signal a reversal in shaky sentiment.

Bitcoin rose 12.5% ​​on Monday to $ 39,850, its highest level since mid-June during the Asian session, while ether hit a three-week high of $ 2,344. On the heels of Bitcoin’s best week in nearly three months, the move put pressure on short sellers.

Last week, Elon Musk, cryptocurrency enthusiast and boss of Tesla, said the automaker would likely start accepting Bitcoin again once it does its due diligence on its energy use. He had suspended those payments in May, contributing to a strong sell-off in crypto.

Twitter boss Jack Dorsey also said last week that digital currency is a big part of the future of social media businesses and on Sunday the Londons City AM newspaper reported citing an anonymous insider Amazon was looking for. to accept Bitcoin payments by the end of the year. Amazon announced a job posting for a digital currency product manager last week, sparking speculation he could accept digital coins for transactions.

Brokers said that, taken together, the remarks were enough to finally pull the market out of the support floor where it has remained stable from a dip in May, while data also pointed to heavy short sellers’ selloffs suggesting that many would have. could give up.

Over the past five trading sessions, we have seen a general short-term uptrend in the market driven by key technicals as well as recent positive feedback, said Ryan Rabaglia, Global Head of Platform Trading. of OSL digital assets.

With a record $ 1.2 billion in shorts liquidated in the past 24 hours, the outlook and momentum for the coming week is positive, he said.

Bitcoin was last up 8% at $ 38,064, placing it in view of resistance around June’s high of $ 41,341.57 just a week after testing support at $ 29,500.

Ether last rose 5% to $ 2,304.

Bitcoin remains around $ 27,000 from its mid-April high of nearly $ 65,000. It has been touched by criticism of the energy consumed by the computer servers that underpin it, regulatory crackdown in China, and tighter official control in Europe and the United States.

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