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Bitcoin Surges 13% to 6-Week Highs

Published 26/07/2021, 02:45 pm
Updated 26/07/2021, 02:47 pm
© Reuters.

© Reuters.

By Oliver Gray

Investing.com - Cryptocurrency markets surged on Monday, with Bitcoin rallying 13% to 6-week highs as traders exited shorts amid speculation over Amazon’s involvement in the sector. An anonymous source told City A.M. that the company is looking to accept Bitcoin payments by the end of the year. In addition, Amazon (NASDAQ:AMZN) last week posted a job listing for a digital currency and blockchain expert.

The news follows positive comments from Elon Musk, Jack Dorsey and Catherine Wood on the future of cryptocurrencies last week during a virtual panel sponsored by Square (NYSE:SQ) and Ark Investments.

Twitter Inc (NYSE:TWTR) CEO Jack Dorsey noted that bitcoin is a big part of the company’s future, while Elon Musk signaled that electric-car maker Tesla Inc (NASDAQ:TSLA) is likely to start accepting bitcoin payments once again after conducting due diligence as mining operations move increasingly toward renewable energy sources.

Bitcoin surged 4553.8 points or 13.6% to 38425.7 while Ethereum gained 179.59 points or 8.35% to 2333.61.

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