Bitcoin, the largest cryptocurrency by market capitalization, made a massive comeback, rising to $ 39,850, its highest level since June 16 at 1:02 a.m. UTC on the Bitstamp exchange.
After three consecutive months in the red, the flagship cryptocurrency could finally break this bearish streak if it manages to hold on to its recent gains.
Short squeezes typically occur when a particular asset is due to a large number of Betting, on the other hand, can skyrocket quickly. Short sellers have no choice but to buy back to cover their positions, which increases the price even further.
According to Bybt, short positions worth nearly $ 929 million in the cryptocurrency market have been liquidated in the past 24 hours.
The main bullish catalyst behind the recent move appears to be the Amazon rumor.
On July 25, the British business newspaper City A.M. reported, citing an anonymous source, on the e-commerce giant poised to accept Bitcoin later this year.
Last week, America’s third largest public company began looking for a cryptocurrency and blockchain expert, which sparked much speculation.
While Amazon accepts Bitcoin is still up in the air, the market already seems to be pricing in such an opportunity.
Given Tesla CEO Elon Musk’s ambiguous comments on cryptocurrencies, the market was nervous about the e-automaker’s Q2 results, which will be announced this Monday.
At the “The B Word” conference, however, the billionaire confirmed that the e-car manufacturer had no intention of selling its Bitcoin, while at the same time reiterating its support for the world’s largest cryptocurrency.
In addition, Musk announced that the electric car maker will very likely accept Bitcoin again.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything emerging with the emerging market Industry has to do – from price analysis to blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that will shape the future of digital assets. He can be contacted at [email protected]
Disclaimer: All financial and market information posted on U.Today is for informational purposes only. Do your own research by consulting financial experts before making any investment decisions.
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