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Bitcoin, dogecoin, and ethereum are suddenly having another great week

2021-07-26T13:03:54.511Z

Cryptocurrencies rallied on Monday, just a week after they were hit by a huge sell-off. Salary in cryptocurrencies, a bill in Argentina 0:30 Hong Kong (CNN Business) - Cryptocurrencies rallied on Monday, just a week after they were hit by a large sell-off. At 4:45 a.m. Miami time on Monday, bitcoin, ethereum, and dogecoin had skyrocketed 10%, 7.3%, and 11%, respectively, over the past 24 hours, according to data from CoinDesk. Bitcoin rose to a six-week high of nearly $ 38,133, wh



Salary in cryptocurrencies, a bill in Argentina 0:30

Hong Kong (CNN Business) -

Cryptocurrencies rallied on Monday, just a week after they were hit by a large sell-off.

At 4:45 a.m. Miami time on Monday, bitcoin, ethereum, and dogecoin had skyrocketed 10%, 7.3%, and 11%, respectively, over the past 24 hours, according to data from CoinDesk.

Bitcoin rose to a six-week high of nearly $ 38,133, while ethereum hit $ 2,330.

The dogecoin was last traded at about 20 cents a coin, giving it a market capitalization of $ 28.8 billion.

The spike came as major tech giants signaled - or appeared to signal - their support for digital currencies, over the past week.

On the one hand, speculation that "Amazon may be preparing to accept digital currencies as payment" may have played a role in the rally, according to Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.

The conjecture was prompted by a job posting on Amazon's website for a "

blockchain

and digital currency

product leader

."

advertising

According to the job description, which was widely reported in various media outlets late last week, the executive would be expected to help Amazon's payments team develop "new capabilities."

The company did not immediately respond to a request for comment.

  • Elon Musk says he has invested heavily in bitcoin and wants to "see it succeed"

Animated by Musk and Dorsey

Virtual currencies have soared over the past week after bullish comments from Tesla and Twitter CEOs Elon Musk and Jack Dorsey, who have shared how they have incorporated or plan to incorporate them into their businesses.

That contrasts with a cryptocurrency recession, early last week, as investors were concerned about the delta variant of the new coronavirus.

Bitcoin at the time fell below $ 30,000.

But then "Elon came to the rescue," according to Craig Erlam, a senior market analyst at Oanda.

On Wednesday, Musk said at an event with Dorsey that Tesla and SpaceX own bitcoins.

Musk has previously revealed that Tesla had bought bitcoin, while SpaceX has claimed that it would accept dogecoin.

The CEO also revealed, last week, that the only major personal investments he had outside of his companies, Tesla and SpaceX, were in bitcoin, ethereum and dogecoin.

Musk, known for moving the markets with his tweets, also posted a meme on Twitter over the weekend, which read, "dogecoin is money."

And finally pic.twitter.com/TcgwMSyjAy

- Elon Musk (@elonmusk) July 25, 2021

Musk has been forthright on the subject, although his messages on cryptocurrencies have been mixed.

In recent months, the prices of several cryptocurrencies, including the three that Musk owns, have skyrocketed, in part in response to his statements and actions at his electric car maker and elsewhere.

Dogecoin crashed in May after Musk appeared on "Saturday Night Live" and called it a "rush."

That same month, Musk said that Tesla would stop accepting bitcoin as payment due to the large amount of energy used to mine it, causing the price to drop.

Last week, however, Musk said the company is keeping bitcoin on its books and will likely start accepting payments for the cryptocurrency again when around half of the energy used to mine bitcoin comes from clean sources, such as solar power. and wind.

  • 8 things investors will look for in Tesla's earnings report

"Cryptocurrencies received a helping hand from his old friend Elon Musk ... and it couldn't have come at a better time," Erlam wrote in a note over the weekend.

"The short-term outlook looks a little brighter for cryptocurrencies."

Dorsey, meanwhile, told investors and analysts last week that bitcoin could become an important part of Twitter's strategy going forward.

"There are three relevant trends for Twitter and you, our shareholders: artificial intelligence, decentralization and the internet finally having access to a global native currency in bitcoin," Dorsey said in an earnings call last Thursday.

"We intend to lead the way in each one."

Dorsey, whose other company, Square, bought millions of dollars in bitcoin and started an initiative for cryptocurrency developers, added that when it came to the concept that "the internet has native currency ... bitcoin is probably the best."

"I think that's what we should really focus on. If the internet has a native currency, a global currency, we can move much faster with products like super followers, commerce, subscription, tip jar, and we can reach every person on the planet by that instead of going down [a] ... market-by-market approach, "he said, noting that other social networks, such as Facebook, have also jumped.

"I think this is a big part of our future," he declared.

"There is an obvious need for this and an appreciation for it."

Clare Duffy contributed to this report.

Cryptocurrencies

Source: cnnespanol

All news articles on 2021-07-26

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