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Bitcoin makes double-digit gains, sets sights on $40,000

Crypto spot trading volume plunged 32% in June despite short-term rally
Jordan
Major
2 months ago
3 mins read

Bitcoin (BTC) had its most significant climb in over six weeks on Sunday, trading at over $39,000 for the first time since June 16.

Currently, the world’s flagship digital asset price is trading at $38,181, which is a 10.3% increase in the last 24hrs. Furthermore, the coin has grown 20.75% in the last week alone, following reports that Amazon (NASDAQ: AMZN) is seeking to employ a digital currency and blockchain product lead.

After weeks of market fluctuation, for the first time since May 9, the price of BTC has gone over its 50-day moving average, a key line of support for investors and traders based on historical patterns as it shows an uptrend.

Bitcoin seven-day price chart. Source: CoinMarketCap.com

At press time, Bitcoin’s dominance is currently 47.06%, a 0.89% rise from the previous day, according to CoinMarketCap.com data.

Amazon and Musk’s influence

This new spike follows Amazon’s announcement on its jobs page that it is searching for someone to “innovate within the payments and financial systems” on its platform.

The crypto product lead will be a member of the company’s Payments Acceptance & Experience team, working with Amazon Web Services (AWS) to develop a cryptocurrency-based strategy that will be incorporated into their client experience, according to the job description.

After plummeting below the key $30,000 support level to $29,000 on Tuesday last week, the cryptocurrency has rallied.

The current climb follows Tesla (NASDAQ: TSLA) CEO Elon Musk’s announcement at the B-Word conference that the business will likely accept Bitcoin payments again in the future. Tesla had ceased taking Bitcoin payments less than two months ago, citing the asset’s carbon impact.

However, in response to concerns about Bitcoin’s environmental effect, the Bitcoin Mining Council released a study saying that most of the Bitcoin network is now powered by renewable energy.

Elsewhere in the market

The worldwide crypto market value is now $1.51 trillion, up 7.04% from the previous day, the market volume over the last 24 hours of $99.78B, representing a 41.85% rise. 

Global crypto market seven-day price chart. Source: CoinMarketCap.com

Following the Bitcoins rise, as in general, the market has followed suit digital assets such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) have also risen.

Ethereum, the second-largest crypto by market cap, is presently trading at $2,323, a 6.75% increase in the last 24 hours and a rise of 22.38% in one week alone. Crypto trading analyst Josh Rager confirmed: “$ETH at a key level here on daily.”

Other popular top 10 crypto assets, such as ADA, are up 7.5% in a day to $1.33, and DOGE is up 10.5% to $0.219, respectively.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.