Bitcoin surged above $39,000 for the first time in 6 weeks

16:58, 26 July 2021
Bitcoin surged above $39,000 for the first time in 6 weeks Photo: Global Look Press/picture alliance/Jochen Eckel

The price of the world’s most popular cryptocurrency Bitcoin has reached the price of over $39,000 for the first time since almost mid-June, according to CoinDesk data.

The cryptocurrency rallied 12% for two days in a row with the highest price reaching $39,544.

BTC remains a highly volatile instrument as earlier it has fallen down below $30,000, as fears rose that it may plummet even deeper.

Now, however, the market remains in a highly positive state as Vijay Ayyar, chief of business development at cryptocurrency exchange Luno said: “I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin.”

The rally comes several days after Tesla CEO, Elon Musk, Twitter CEO, Jack Dorsey, and Ark Invest founder CEO Cathie Wood participated in a meeting devoted to cryptocurrency and its future. 

Earlier, Ethereum, which is the largest cryptocurrency by market capitalization after Bitcoin, also soared by 7.3% after Musk announced that he has some of his assets invested in it.

Many see the crypto market as a safe haven amid pressuring uncertainty at the stock market with investors awaiting an unprecedented market crash following claims by the US Treasury about a huge risk of a soon coming US default.