Bitcoin price climbs amid rumors Amazon may accept crypto payments – National

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Cryptocurrencies peaked in recent ranges on Monday as short sellers bailed out following a strong week and while traders hoped that a handful of positive comments from influential investors could signal a reversal in the market. fragile feeling.

Bitcoin climbed 12.5% ​​to US $ 39,850, its highest level since mid-June during the Asian session, while ether hit a three-week high at US $ 2,344 . The spike comes as big investors rent cryptocurrencies and speculate that Amazon may accept it as payment.

On the heels of Bitcoin’s best week in nearly three months, the move put pressure on short sellers.

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Last week, Elon Musk, cryptocurrency enthusiast and boss of Tesla, said the automotive marker would likely resume accepting bitcoin 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.

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Twitter boss Jack Dorsey also said last week that digital currency was a “big part” of the future of the social media company and on Sunday London-based City AM newspaper reported – citing an “insider Anonymous – that Amazon is looking to accept bitcoin payments by the end of the year.

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

Read more: Bitcoin price drops below US $ 30,000, lowest in almost a month

“Over the past five trading sessions, we have seen a general short-term uptrend in the market due to key technicals as well as recent positive feedback,” said Ryan Rabaglia, Global Head of Trading on the OSL digital asset platform.

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

Ether was up 5% to US $ 2,304.

(Reporting by Alun John in Hong Kong and Tom Westbrook in Singapore; Editing by Christopher Cushing and Jacqueline Wong)

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