Bitcoin rose more than $39,000 for the first time in about six months as sentiment turned positive after the recent sell-off.
According to CoinDesk data, the crypto was trading at around $38,568 at 7:15 a.m. ET Monday that was up almost 13% in the last 24 hours. Bitcoin surged earlier at about 13% hit a 24-hour high of $39,545. It reached the highest level since June.
According to data from Coinmarketcap.com, Bitcoin’s surge lifted other cryptocurrencies as well, such as ether up 8.8% at $2,346. The entire crypto market added over 100 billion in value in one day.
The real challenge came after bitcoin fell below $31,000, producing fears that it could plunge even further.
Head of business development at cryptocurrency exchange Luno, Vijay Ayyar, said that people witnessed an accumulation period of about 29-30K for Bitcoin.
Musk, Wood, Dorsey in focus
Tesla CEO Elon Musk, ARK Invest CEO Cathie Wood, and Twitter CEO Jack Dorsey spoke during a bitcoin conference named The B-Word.
Musk said that he might start accepting bitcoin for his Tesla car purchases again. Especially, as a more significant share of bitcoin mining turns into renewable energy. In May, Tesla halted car purchases using the crypto because of concern over the increasing use of fossil fuels for mining.
Bitcoin mining is considered an energy-intensive process, that involves resolving complex math problems and creates new coins.
Alex Brammer talked about Luxor Mining that is a cryptocurrency pool built for miners. He said that the Chinese trading day is open, and the talk of Elon, Jack, and Cathiewas is super bullish. Amazon, considered an E-commerce giant, is planning to add a digital currency to its payments team. The company is suggesting that it might take a closer look at bitcoin and some other cryptocurrencies.