Bitcoin climbed to a six-week high of nearly $ 38,133, while ethereum reached $ 2,330. Dogecoin last traded at around 20 cents per. Coin, which gave it one $ 28.8 mia. market value.
First, speculation that “Amazon may be preparing to accept digital coins as payment” may have played a role in the rally, according to Jeffrey Halley, a senior market analyst for Asia Pacific in Oanda.
The conjecture was encouraged by a job posting
on Amazon’s website for a “digital currency and lead-lead product.”
According to the job description – which was widely reported in various media at the end of last week – the executive is expected to help Amazon’s payment team develop “new opportunities”. The company did not immediately respond to a request for comment.
Collected by Musk and Dorsey
Virtual currencies have risen in the last week after
bullish comments from Tesla (TSLA)
and Twitter (TWTR)
CEOs Elon Musk and Jack Dorsey, who have each shared how they
have incorporated or plan to incorporate them into their business.
This was in contrast to a decline in crypto at the beginning of last week, when investors were rattling about the Delta variant of coronavirus. Bitcoin at that time fell below $ 30,000.
But then “Elon rode to the rescue” according to Craig Erlam, a senior market analyst at Oanda.
Wednesday, Musk said
at an event
with Dorsey, which Tesla and SpaceX both own bitcoin (XBT)
Musk has done it before revealed
which 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 his companies, Tesla and SpaceX, were in bitcoin, ethereum and dogecoin.
Musk, who is it known for moving markets
with his tweets too sent
a meme on Twitter over the weekend that reads: “dogecoin is money.”
Musk has been open about the subject, though his messaging on crypto has been mixed. In recent months, the prices of several cryptocurrencies, including the three that Musk owns, have been at one wild trip
, partly in response to his statements and actions at his electric car company and elsewhere.
in May after Musk appeared on “Saturday Night Live” and called it a “crowd.” That same month, Musk told Tesla would stop accepting
bitcoin as payment due huge amount of energy
used to extract it, causing the price to fall.
Last week, however, Musk said
that the company keeps bitcoin on the books and is likely to start accepting payments of cryptocurrency again when about half of the power used for mining comes from clean sources, such as solar and wind energy.
“Cryptocurrencies got a helping hand from their old friend Elon Musk … and it could not have come at a better time,” Erlam wrote in a note over the weekend. “The short-term outlook looks a little brighter for cryptocurrencies.”
Meanwhile, Dorsey told investors and analysts last week that bitcoin could become an important part of Twitter’s strategy going forward.
“There are three trends that are relevant to Twitter and you, our shareholders: AI, decentralization and the Internet, which finally have access to a global native currency in bitcoin,” Dorsey said in an earnings call last Thursday. “We intend to go ahead in each.”
Dorsey – whose other company, Square (SQ)
, have purchased
million dollars in bitcoin and started an initiative for cryptocurrencies – added that when it came to the concept of “The Internet has native currency … bitcoin is probably the best.”
“That’s what I think we really should focus on. If the Internet has a native currency, a global currency, we’re able to move so much faster with products like super follow, trade, subscription, tip jar, and we can reach every single person on the planet because of it instead of going down [a] … market-by-market approach, “he said, noting that other social networks, such as Facebook (FB)
, also had jumped into the room
“I think that’s a big part of our future,” he said. “There is an obvious need for this and appreciation for it.”
– Clare Duffy contributed to this report.