Bitcoin climbed above $39,000 on Sunday evening, the highest level since mid-June, as investors reacted positively to a recent sell-off.
According to CoinDesk data, the cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, up nearly 11% from the same time the day before. Bitcoin earlier reached a 24-hour high of $39,544.29, the highest since June 16.
Other cryptocurrencies have benefited from Bitcoin’s gain, with ether rising 5.9% to $2,299.55. As of 11:05 p.m. ET, the entire cryptocurrency market had gained over $114 billion in value in just 24 hours, according to data from Coinmarketcap.com.
People exaggerated over the price hike. Posted their happiness over twitter.
A twitter user stated “Bitcoin on sunday” as sunday is bitcoin’s day.
One of the analytical user posted his graphical analysis of bitcoin as it breaks the down trend.
The rebound comes after bitcoin recently dipped below $30,000 due to a global stock market sell-off, raising concerns that it could fall further lower.
Other bullish headlines for bitcoin have appeared. Amazon is trying to hire a digital currency and blockchain expert for its payments division, implying that it is looking into bitcoin and other cryptocurrencies more closely.
Amazon is “excited by the innovation happening in the cryptocurrency area and are exploring what this may look like on Amazon,” according to an Amazon spokeswoman.
Meanwhile, some of the problems that have been weighing on bitcoin’s price are starting to fade. China has stepped up its anti-cryptocurrency assault in recent months, focusing on mining and trade. Concerns about bitcoin mining’s carbon footprint are also starting to fade.
For more updates, stay connected.