Bitcoin Jumps 12% to Test Recent Highs, Ether Reaches 3-Week High

[ad_1]

BTC and ETH jump to higher recent bands as shorts narrow at BTC’s strongest since June, and ETH is at a three-week high. Speaking of Amazon Acceptance, Big Investor Points to Help – Brokers

HONG KONG/SINGAPORE (July 26) (Reuters) – Cryptocurrencies jumped to the top of the last ranges on Monday as short sellers bailed out following a strong week and as traders hoped a raft of positive comments from influential investors signaled a shift in fragile sentiment. .

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

Last week, crypto enthusiast and president of Tesla (TSLA.O) Elon Musk said that the automaker will likely resume accepting bitcoin once it conducts due diligence on energy use. It suspended these payments in May, which contributed to a sharp sell-off in cryptocurrencies. Read more

Twitter (TWTR.N) chief Jack Dorsey also said last week that digital currency is a “big part” of the social media company’s future, and on Sunday, London’s City AM newspaper – citing an unnamed “insider” – reported that Amazon is looking forward to To accept bitcoin payments by the end of the year. Read more

Brokers said the combined comments were enough to finally lift the market from the bottom of the support where it has held steady since the May plunge, while the data also pointed to an intense liquidation of short sellers – suggesting that many may have given up.

“Over the past five trading sessions, we have seen an overall near-term bullish trend in the market, driven by key technologies, as well as recent positive comments,” said Ryan Rapaglia, global head of trading at digital asset platform OSL.

“With $1.2 billion in short positions liquidated in the past 24 hours, the outlook and momentum for next week is positive,” he said.

Bitcoin finally rose 8% at $38,064, putting it within sight of resistance around the June peak of $41,341.57 just a week after it tested support at $29,500.

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

Additional reporting by Alun John in Hong Kong and Tom Westbrook in Singapore; Editing by Christopher Cushing and Jacqueline Wong

Our Standards: Thomson Reuters Trust Principles.

.

[ad_2]