On the 25th, Bitcoin temporarily reached $39,000 for the first time in 6 weeks, indicating a bullish market. The cryptocurrency is currently trading at $38,084.40 at 01:55, a rise of 9.70% within 24 hours.
The recent comments from Tesla CEO Elon Musk, Twitter CEO Jack Dorsey, and ARK Invest CEO Cathie Woods during a Bitcoin conference (The B-word) might have played a role.
Elon Musk announced that Tesla might start accepting Bitcoin for Tesla purchases again as many mining operations are switching to renewable energy.
Another contributing factor might be the latest job listing on Amazon revealing a job position for a digital currency and blockchain product lead. A spokesperson from Amazon said that the company is looking to explore ‘innovations happening in the cryptocurrency space’ and what prospects it could bring for the company.
Danial Kim, head of capital markets at Maple Finance said:
“This price movement is in line with what has happened in the last few weeks. US dollar borrowing rates are starting to rise from low levels.”
“Also, the demand for USD coins (USDC) from institutional investors has increased significantly, and sentiment seems to be bullish on the news that Amazon will enter Bitcoin.”