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Bitcoin soars above $39K for the first time since June 16 as the entire crypto market adds another $114 billion

Bitcoin surged on Sunday evening and briefly traded above $39,000.

Image by Bianca Holland from Pixabay

Mon, 26 Jul 2021, 09:30 am UTC

Bitcoin surged on Sunday evening and briefly traded above $39,000. This is the first time that BTC has traded at that price level since mid-June as the crypto traded in the green for six consecutive days, which could indicate that sentiment has finally turned bullish after a recent sell-off.

Bitcoin briefly traded at $39,850 on Sunday, its highest level since June 16, according to Coindesk. At the time of writing, BTC slid down slightly and traded at $38,199.12. The rally shortly came after Bitcoin traded below $30,000 after a global selloff in stocks.

There are those who believe that BTC’s recent price movement might have something to do with the rumors saying that Amazon could be planning to accept Bitcoin as a payment method as well as increasing demand from institutions. “We’ve also been seeing a significant increase in demand for USDC from institutional borrowers and the sentiment seems to be bullish following the news of Amazon participating in bitcoin,” Maple Finance head of capital markets Daniel Kim said.

An unknown source told London business newspaper City A.M. that Amazon plans to accept BTC payments by year-end and even wants to issue its own token. Earlier, the e-commerce giant posted a job listing seeking for a Digital Currency and Blockchain Product Lead, who will be responsible for developing the company’s digital currency and blockchain strategy and product roadmap.

Other crypto experts attributed Bitcoin’s price rise to a range of good news from big tech and finance players. “Most prominently, there were conversations held last week between Jack Dorsey, Elon Musk, and Cathie Wood at the Bitcoin Conference where they talked about where they see bitcoin and cryptocurrencies going with respect to their own organizations,” Caroline Bowler, CEO of Australian crypto exchange BTC markets, said.

Bitcoin’s rally also buoyed the prices of other cryptos such as Ether (ETH), which saw a 5.9 increase to $2,299.55, CNBC reported. The rally also increased the capitalization of the entire cryptocurrency market, adding over $114 billion in value in 24 hours.

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