Surprise Tech Giant Support Suddenly Sends Bitcoin, Ethereum, BNB, XRP, and Dogecoin Sharply Higher

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Bitcoin and cryptocurrency prices rose suddenly after a turbulent week for cryptocurrency traders.

The price of Bitcoin has added about 7% in the past 24 hours, while the value of Ethereum, Binance’s BNB, Ripple’s XRP, and dogecoin are up between 5% and 10% – driving the combined cryptocurrency market cap up by $200 billion since Wednesday.

The bitcoin and cryptocurrency market boost comes after tech giants Twitter TWTR and Amazon AMZN revealed that they are taking cryptocurrencies more seriously, adding to the Elon Musk-fueled Bitcoin, Ethereum and Dogecoin price hikes.

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More FORBESTesla and SpaceX Billionaire Elon Musk Doubles Down on Dogecoin and Ethereum’s Plan to Beat Bitcoin Amid Crypto Price Bounce

Bitcoin price has bounced off recent lows but is still far from all-time high… [+] Nearly $65,000. Meanwhile, Ethereum, Binance’s BNB, cardano, Ripple’s XRP, and dogecoin also gained ground.

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On Thursday, Jack Dorsey, CEO of Twitter and Square SQ, and a fierce supporter of bitcoin, told Twitter investors that bitcoin will be a “big part” of the company’s future.

Dorsey said bitcoin could help the social media giant move faster in terms of its product expansions and is a “best candidate” to become the “local currency” of the internet, Dorsey said, speaking on Twitter’s second-quarter earnings call.

“If the internet had a native currency, a global currency, we could move faster with products like Super Follows, Commerce, Subscriptions and Tip Jars, and we could reach everyone on the planet because of that instead of taking a market-by-market approach.”

Meanwhile, online retailer Amazon is looking to hire a digital currency and blockchain expert, according to a recent job posting.

“You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrencies to develop a case for capabilities to be developed, drive the overall vision and product strategy, and gain leadership support and investment for new capabilities,” the post read, which was reported It was first reported by Insider.

An Amazon spokesperson told Insider that Amazon eventually wants to accept cryptocurrency from its customers.

“We have been inspired by the innovation happening in the crypto space and are exploring what this might look like on Amazon,” the spokesperson said. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and we hope to bring that future to Amazon customers as soon as possible.”

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More Forbes Crypto Price Predictions: Bitcoin Will ‘Exceed’ the Dollar by 2050 and Rise to $66,000 by End of 2021

Bitcoin price soared this week after losing ground, with Ethereum, Binance’s BNB, cardano… [+] Ripple XRP and dogecoin are also making up for lost ground.

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Earlier this week, the crypto community captured an online discussion between Dorsey, Tesla TSLA billionaire Elon Musk and Kathy Wood of Ark Invest.

“I may be pumping but I’m not getting rid of it,” Musk said, explaining that his rocket company SpaceX joined Tesla in holding bitcoin while he personally held some Ethereum tokens. The meme-based dogecoin, which Musk has adopted as a pet project in recent months, surged alongside Ethereum during the much-anticipated event after Musk detailed his earlier ideas for integrating dogecoin with ethereum to “maximum transaction rates and lower transaction costs.”

Bitcoin and cryptocurrency prices have struggled since the April-May sell-off that wiped out more than $1 trillion from the value of the combined cryptocurrency market.

All of the top 10 most valuable cryptocurrencies, including Ethereum, Binance’s BNB, Cardano and XRP, have fallen more than 50% since their recent highs, with dogecoin down more than 70% since its peak in early May.

Bitcoin and cryptocurrency market watchers are encouraged by the Bitcoin price rebound, with investors cheering $30,000 per bitcoin to support more or less holding.

“Bitcoin started the week on a sad note but managed to climb back above the $32,000 mark,” Pankaj Palani, CEO of crypto derivatives exchange Delta Exchange in Singapore, said in an email comments.

“In the past two weeks, we have seen a large influx of negative news and strong selling pressure on bitcoin. Despite the weak sentiment and weakness in global markets, bitcoin held the $30K support. Bitcoin dropped below the $30K mark but the bears failed to catch up. Push it lower and we see a healthy bounce after that. For the first time in several weeks, we are seeing bullish signals here and expect Bitcoin to head towards the upper end of the $30K-$40K range.”

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