Cryptocurrencies popped to the top of recent ranges on Monday (July 26). Bitcoin rose as much as 12.5% to hit over $39,000, its highest level since mid-June. While ether hit a three-week peak.
On the heels of bitcoin’s best week in almost three months, the move put the squeeze on short-sellers. Last week, Tesla boss Elon Musk said the carmaker would likely resume accepting bitcoin once it conducts due diligence on its energy use.
It had suspended such payments in May, which contributed to a sharp crypto selloff. Twitter boss Jack Dorsey also said last week that digital currency is a “big part” of the social media firm’s future. Over the weekend there were reports in the UK press that Amazon is looking to accept bitcoin payments by the end of the year.
Brokers said that taken together the remarks were enough to finally lift the market from the floor.
One told Reuters that “with a record $1.2 billion in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead looks positive”.