Big leap for “Bitcoin”!


Bitcoin soared Monday to nearly $40,000, a rally some attribute to traders exiting their bets on the dips, as well as persistent speculation about the potential entry of e-commerce giant Amazon into the cryptocurrency sector.The largest cryptocurrency rose 15% to $39,681 before paring some gains to trade at around $38,100 this morning in Hong Kong.

Other cryptocurrencies also rose, including Ethereum which ranks second.

Last week, Amazon announced a “vacancy for a crypto product team leader, sparking speculation that it may accept cryptocurrencies in transactions.”The rally is also based on other recent forms of support for Bitcoin, including positive comments from Tesla CEO Elon Musk and Kathy Wood of Ark Investment Management LLC, which led the cryptocurrency price over the weekend to surpass its moving average for a period of time. 50 days, which is a trend that some see as positive.

Bitcoin is still about $27,000 below its mid-April high of nearly $65,000, as the cryptocurrency has taken a hit from criticism for the power consumed by the computer servers it powers, regulatory crackdown in China and tougher official scrutiny in Europe and the United States.

The CEO of Tesla – which already owns Bitcoin – revealed at a conference on Bitcoin last week that “his space exploration company SpaceX also owns the cryptocurrency.”

He added that he “would like to see cryptocurrency succeed” and that he personally purchased “Bitcoin, Ether and Dogecoin”.

And Cathy Wood said: “Companies should consider adding Bitcoin to their balance sheets.”


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