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Bitcoin Rises Past $39,000 after almost 6 weeks, funnels over $110 billion in Crypto Market

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Jul 28, 2021

On Sunday evening, Bitcoin surged, racing past $39,000. This has happened for the first time since June, as enthusiastic investors turned bullish after the latest sell-off. According to data by CoinDesk, around 11 PM on Sunday, Bitcoin was trading at just over $38,000. This was at an 11 percent rise from the price it held just a day ago.  At $39,544, it reached a 24-hour high, the highest since mid-June.

Thanks to Bitcoin’s rally, other cryptocurrencies saw a rise in values, with Ethereum seeing gains of 5.9 percent. The crypto market’s value increased by $114 billion in just a day, according to coinmarketcap.com. The rally period recently began after Bitcoin fell below the $30,000 mark. This deop in the price prompted a global sell-off as investors feared that it could fall even lower.

Recently, well-known Bitcoin proponents like Elon Musk, CEO of Tesla, Jack Dorsey, CEO of Twitter, and Cathie Wood, CEO of ARK Invest, spoke at The B-Word, a highly anticipated Bitcoin conference. Elon Musk said that once more of Bitcoin is mined using renewable energy, Tesla will start accepting Bitcoin payments. For context, Tesla put a hold on Bitcoin payments for vehicle purchases due to concerns over energy used to mine Bitcoin.

Bitcoin mining is the process of creating new coins by solving complex mathematical problems. Consequently, it requires immense computational power that takes up a lot of energy. Nevertheless, talk at the conference reflected bullish attitudes. To further fuel the bullish talk surrounding Bitcoin, Amazon is soon expected to accept crypto payments. Because of all that’s happening in the crypto sphere, a ‘short-squeeze is set to occur.

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Investors taking short positions have their money on the price to fall further. But in the event that it goes up, they’ll cut their losses and leave their short position strategies. This will push prices even higher. Experts assume that the scale of the jump was most likely propelled by over-leverage short positions.

In the meantime, some of the factors that were weighing on the popular cryptocurrency’s price have started clearing up. In the last few months, China renewed the crackdown on digital currencies that were targeting miners and exchanges. Also, people’s concerns about Bitcoin mining’s carbon footprint are starting to lessen.

These problems continue to persist, but the effect they had on crypto trading is starting to alleviate. Now, investors are taking up bullish positions and feel enthusiastic about the market as Bitcoin prices climb higher and higher. In fact, other cryptocurrencies, such as Ethereum and Dogecoin, are having a field day as their values climb higher. Ether enjoyed gains of about 8 percent, while Doge values climbed by about 10 percent in the last 24 hours.

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