Bitcoin Rises To Its Highest Level Since June

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Bitcoin has risen 12.5% in recent days to $39,850, its highest level since mid-June, while ether hit a three-week high of $2,344.

The move put pressure on short-sellers after bitcoin’s most successful week in nearly a quarter.

Last week, Tesla CEO Elon Musk said the carmaker would likely resume accepting bitcoin once it conducts due diligence on the energy use. It had suspended accepting bitcoin payments in May, contributing to a steep crypto-downward trend.

Twitter CEO Jack Dorsey also said last week that the digital currency is a ‘big part’ of the social media giant’s future, and, on Sunday London newspaper City A.M., citing an unnamed ‘insider’, reported that Amazon would accept bitcoin payments towards the end of 2021.

Brokers said the comments taken together were enough to finally get the market back on track after its May plunge, while the data also showed strong short-seller liquidations – suggesting many may have given up.

Bitcoin rose 8% to $38,064, within sight of the June peak of $41,341.57, just a week after testing support at $29,500.

For more information, read the original story in Reuters.

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