Bitcoin rose 15% to its strongest level since mid-June on Monday.- Positive remarks by Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event helped drive the gains.
- Chatter about
Amazon possibly accepting bitcoin payments by the end of 2021 are seen as adding further support.
$4 leapt 15% on Monday to rise above $38,000 for the first time in about six weeks, after remarks from influential commentators and a report that Amazon is considering accepting payments in the cryptocurrency helped restore bullish investor sentiment.
The coin was trading at around $38,750 as of 3:15 a.m. ET, representing a 33% gain so far this year. It had earlier hit a 24-hour high of about $39,544, its highest level since mid-June.
After being stuck in a descending slope for three months, bitcoin broke out at the top end of recent levels following $4 from leading CEOs Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event last week.
Tesla CEO Musk said the electric-vehicle maker would be open to accepting $4, as long as the mining community strives to move towards efficient energy use. Twitter boss Dorsey said that bitcoin is a big part of the social-media platform's future, and that he's working to make an accessible wallet for it via payments company Square.
A $4 from London's City A.M. about $4 possibly accepting bitcoin payments by the end of 2021 also helped drive the digital currency's move higher. The roll-out may not take long, since the online retail giant has been working on these plans since 2019, a source told the newspaper, it reported.
Amazon is also looking to $4 to lead its digital currency and blockchain initiatives.
The re-emergence of institutional experts, along with Goldman Sachs' recent $4 for institutional trades in bitcoin, helped drive the weekend rally for bitcoin, Jeffrey Halley, a senior market analyst at OANDA, said in a note on Monday.
"I still believe the entire sector and un-stable coins are complete nonsense that will lose small investors billions, but the people have spoken, and the digital Dutch tulips look ripe for a large rally in the short term," Halley said.
Read More: $4