Connect with us

Hi, what are you looking for?

Exclusive

Bitcoin again crosses $39,000 level today after positive statement of Tesla CEO Elon Musk

From mid-April to 24th of July, American companies have increased their exposure in Bitcoin to 80 percent while American share in mining of this currency too has doubled.

ISLAMABAD: Once again Bitcoin has crossed $39,000 after several days of recession and fluctuations in its price between $30,000 to $32,000. However, in last 24 hours, Bitcoin not only crossed $39,000 for the first time since June 16 and is currently trading above $38,600 level till the filing of this report on Monday.

Once again it is Elson Musk who said last week that his company Tesla could accept Bitcoin. When he issued this statement, Bitcoin was trading around $31,000. However, within a couple of days, the price of the leading cryptocurrency has improved to above $38,000 for a gap of many days.

Details gathered by The Truth International (TTI) revealed that from mid-April to 24th of July, American companies have increased their exposure in Bitcoin to 80 percent while American share in mining of this currency too has doubled. During this period Bitcoin has seen a great fall, from $63,000 in April to $28,000 in June/July. During this period, China has shut down its illegal mining centers throughout the country, resultantly, miners have shifted to Kazakhstan and Texas, USA, etc.

Market capitalization of Bitcoin has also edged up by more than $135 billion in just two days. On Monday (July 26), Bitcoin market cap was at $727 billion till the filing of this report.

Elon Musk, CEO Tesla Incorporation, USA.

Like Bitcoin, value of Ether has also edged up and surged above $23,500 for a gap of several days. Experts said the prices have continued to rally since July 21 with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $38,700, slightly after hitting a monthly high of $39,850.

Datamish data show a short squeeze appears to have driven prices higher as those betting on bitcoin heading lower had to sell in quick succession to cover. The reason remains unclear.

“This price action is aligning with what we’ve been seeing the past couple of weeks,” said Daniel Kim, head of capital markets at Maple Finance. “Borrowing rates for USD have started to increase from its lows.”

Concept. 3D render

“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,” Kim added.

Experts also claimed that retail giant Amazon is looking to accept bitcoin payments by year’s end and is considering minting its own token by 2022. The retail giant is also seeking a Digital Currency and Blockchain Product Lead.

Other’s argue the rebound in crypto prices is a reaction to a range of good news coming from big tech and finance players from the U.S. markets.

“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,” said Caroline Bowler, CEO of Australian crypto exchange BTC markets.

Avatar photo
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

Economy

KARACHI/ISLAMABAD: The International Center for Chemical and Biological Sciences (ICCBS), University of Karachi, will help Ugandan authorities to establish a Halal Authentication Laboratory in...

Articles

Daesh gunmen killed at least 143 Russians in an attack on a concert mall in Moscow and injured dozens of others. The callous attack...

Latest Updates

The Russia’s Interior Ministry stated on Saturday that the four suspected gunmen arrested after Friday night's deadly attack were foreigners, with some media outlets...

Politics

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Sher Afzal Marwat clarified to the Federal Investigation Agency (FIA) that he did not directly accuse Punjab Chief Minister...