Bitcoin climbs to over US $ 40,000 in six weeks

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Bitcoin topped US $ 40,000 on Monday afternoon, peaking in six weeks.

The cryptocurrency surged to $ 40,278 just before 3:30 p.m. EDT, according to Coindesk, before falling to around $ 37,300 at the time of publication. According to Coinbase, the digital coin has seen an increase of around 7.5% in the past 24 hours, surpassing a market cap of around 700 billion US dollars.

The coin last rose above US $ 40,000 in mid-June, down from its all-time high of around US $ 63,000 in April. According to the Wall Street Journal, speculation about Amazon’s foray into digital currency and news last week that Elon Musk and his companies still hold bitcoin may have led to the price hike.

“SpaceX, Tesla and I own bitcoin,” he said at a conference hosted by the Crypto Council for Innovation last Wednesday, adding that he also owns ethereumanddogecoin. I didn’t sell any bitcoin, I personally don’t sell anything, and SpaceX doesn’t sell any bitcoin.

Musks’ confidence in the cryptocurrency drove the coin’s price higher last week, peaking at around $ 32,800 before gradually declining, according to Coindesk. Ethereum and dogecoin also saw increases of around 13% each.

He also said Tesla could start accepting bitcoin again if it moves away from fossil fuels.

In other news, Twitter CEO Jack Dorsey said he hopes bitcoin will bring peace to the world.

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