Bitcoin Price Leaps 12 Percent to Test Recent Peaks 5z6pq Ether Hits 3-Week High

Bitcoin price hit $39,850 (roughly Rs. 29.6 lakhs), its highest since mid-June. 6a6t3e

By Reuters | Updated: 26 July 2021 09:58 IST

Bitcoin Price Leaps 12 Percent to Test Recent Peaks, Ether Hits 3-Week High

Bitcoin was last up 8 percent at $38,064 (roughly Rs. 28.3 lakhs) 2q2k6w

Highlights

Use of Bitcoin to buy Tesla's EVs had highlighted a dichotomy
Musk said that Tesla will 'most likely' resume accepting Bitcoins
Jack Dorsey had said that Bitcoin is "big part" of Twitter's future

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Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment.

Bitcoin price in India stood at Rs. 28.3 lakhs as of 10am on July 26.

Last week, had suspended such payments in May, contributing to a sharp crypto selloff.

Elon Musk Confirms SpaceX Is Holding Bitcoin

Amazon is looking to accept bitcoin payments by year's end.

Brokers said that taken together the remarks were enough to finally lift the market from the floor of where it has held steady since a May plunge, while data also pointed to heavy short-seller liquidations - suggesting many might have given up.

"Over the last five trading sessions we've seen general near-term bullishness in the market, driven by key technicals, as well as recent positive comments," said Ryan Rabaglia, global head of trading at digital asset platform OSL.

Bitcoin's Year So Far: Boom, Bust, and Bewildered

"With a record $1.2 billion (roughly Rs. 8,935 crores) in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive," he said.

Bitcoin was last up 8 percent at $38,064 (roughly Rs. 28.3 lakhs), putting it within sight of resistance around June's $41,341.57 (roughly Rs. 30.7 lakhs) peak just a week after it was testing at $29,500 (roughly Rs. 21.9 lakhs).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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