Bitcoin is approaching $ 40,000, ether, dogecoin are also increasing. Check Crypto Prices Today

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Cryptocurrencies continued to gain with the world’s largest crypto approaching the $ 40,000 level after comments from Cathie Wood, Ark Investment Management LLC and Tesla CEO Elon Musk contributed to boost its momentum. Bitcoin prices have risen 15% to $ 39,544 in the past 24 hours, according to CoinDesk. The token broke its 50-day moving average over the weekend.

The second largest Ether cryptocurrency also jumped over 7% to a high of $ 2,330. Dogecoin jumped almost 9% to hit $ 0.20. Other digital tokens like XRP, Cardano, Uniswap, Litecoin have also gained over 8% in the last 24 hours.

Bitcoin seemed threatened with further declines after falling below $ 30,000 last week, a level widely pointed out by policy makers as having the potential to trigger further declines. This was spurred on when Elon Musk last week at The B Word conference, “said he wants Bitcoin to be successful and his space exploration company SpaceX Inc. has it. Featured investor Cathie Wood has said companies should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin was resilient.

Tesla suspended purchases using Bitcoin in May over concerns over the use of fossil fuels in mining, triggering a decline in digital currency. Some $ 1.3 trillion has been erased from the market value of cryptocurrencies since mid-May. Bitcoin has faced a series of hurdles, including increased regulatory oversight in China, Europe, and the United States and concerns about the power required for the computers that underpin it.

(With contributions from agencies)

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