Bitcoin rises above $40,000

Bitcoin broke through $40,000 on Wednesday and tried again to break through its months-long range as short sellers withdrew one after another, and traders gained confidence from recent positive comments on cryptocurrencies by well-known investors.

Bitcoin finally rose 1.7% to US$40,149, while rival cryptocurrency Ethereum rose 1% to US$2,328. Bitcoin is about to break its 100-day moving average.

Earlier, Bitcoin rose 12.5% ​​to US$39,850, the highest level since mid-June in Asian time, while Ethereum hit a three-week high of US$2,344. After Bitcoin’s best-performing week in nearly three months, the move put pressure on short sellers.

Last week, cryptocurrency enthusiast and Tesla boss Elon Musk stated that the automaker may resume accepting Bitcoin once it conducts due diligence on its energy use. It suspended such payments in May, leading to a sharp sell-off in cryptocurrencies.

Twitter boss Jack Dorsey also said last week that digital currencies are an “important part” of the social media company’s future. On Sunday, the City AM newspaper in London cited an unnamed insider. The words reported that Amazon is seeking to accept Bitcoin payments. end.

Brokers said these comments were combined enough to finally lift the market from the bottom of the stable support since the May crash, and the data also showed a large number of short sellers liquidation-indicating that many people may have given up.

Ryan Rabaglia, head of global trading for digital asset platform OSL, said: “In the past five trading days, driven by key technical aspects and recent positive comments, we have seen the market generally bullish.”

He said: “A record US$1.2 billion short position was liquidated in the past 24 hours, and the outlook and momentum for the coming week are positive.