Bitcoin Surpassed $39,000 for the First Time Since Mid-June
The price of the world’s most famous cryptocurrency jumped on Sunday evening. Its price surpassed $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off. Bitcoin was trading at around $38,059.84 at 11:05 p.m. ET, up nearly 11% from the same time 24-hours prior. It previously hit a 24-hour high of $39,544.29, its best result since June 16.
Bitcoin’s rally helped to boost the price of other cryptocurrencies as well. The price of Ether rose 5.9% and exceeded $2.299.55. The entire market added more than $114 billion in value in 24 hours as of 11:05 p.m. ET. The rally comes after Bitcoin recently declined below $30,000 after a global sell-off in stocks, triggered fears that its price could plunge even further.
Bitcoin Conference and famous speakers
Elon Musk, Twitter CEO Jack Dorsey, and ARK Invest CEO Cathie Wood all recently spoke during a Bitcoin conference. Tesla CEO made an interesting comment during the Bitcoin conference called “The B-Word”. Musk stated that Tesla would likely start accepting Bitcoin for vehicle purchases again. In his speech, Musk mentioned the reason why Tesla is ready to change its position regarding cryptocurrency. Bitcoin is shifting toward renewable energy sources, but he wants to make sure that more than 50% comes from such sources. Bitcoin mining requires a lot of electricity, so it is not that easy to minimize its impact on the environment.
The carmaker suspended vehicle purchases using the cryptocurrency due to Bitcoin mining’s impact on the environment in May. Since then, China which was home to numerous crypto miners, initiated a campaign against crypto miners. As a result, many of them decided to leave the country. Many miners are headed to the U.S., as the country has the potential to offer them lucrative conditions. Furthermore, the U.S. is home to some of the cheapest sources of electricity on the planet, which more often than not, are renewable.