Bitcoin at a six-week high, backed by Musk and Amazon – The price of Bitcoin is at its highest in six weeks: a rally that some investors attribute to both some profit-taking and rumors that Amazon may soon venture into the world of digital currencies.

Notably, the leading digital currency rose to $ 39,544.29, according to CoinDesk. reaching its highest level since mid-June. In a single day, it gained about 12%, climbing to $ 38,515, with an increase that leads to more than 20% that of the last week.

Rival currency Etherum increased by more than 14%.

Recent comments from high-profile cryptocurrency backers have helped bolster the gains. Last week, Tesla boss Elon Musk he made it known that he held it both personally and in his companies as a long-term investment, specifying, however, that he had not operated any manipulation. Not only that, but Musk always reported, Tesla will likely accept cryptocurrency as payment again if the generation process, known as mining, becomes less dependent on fossil fuels.

Bitcoin still remains around 40% below its high of nearly $ 65,000 in mid-April after the crackdown by China to crack down on its use, and which contributed to a sharp drop in prices.

As Ballet founder and CEO Bobby Lee explains to the Wall Street Journal, “there has been a lack of good news in the cryptocurrency market over the past couple of months.” “Now instead – he stressed – they are starting to leak, so investors and speculators are using this opportunity to build their positions and buy back Bitcoin, causing a price increase”.

In recent days, speculation has grown over Amazon’s possible plans for cryptocurrencies, after the company has posted a job ad for a digital currency and blockchain expert. The online retail and cloud services giant said the person, who would be employed in Seattle, would be tasked with developing “Amazon’s digital currency and blockchain strategy and product road map.” This has led to the belief that the company may someday allow customers to pay in cryptocurrencies. Amazon did not immediately respond to a request for comment.

According to Claire Wilson, a partner at Singapore-based consultancy Holland & Marie, volatility in the cryptocurrency market, caused by a variety of factors, is nothing new. “However – he told the WSJ – in recent months, these sudden price swings are more frequently linked to personality comments on social media”.



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