The most popular cryptocurrency, Bitcoin is up more than 10 percent Monday morning to nearly $40,000, gaining for the sixth straight trading day.
Bitcoin traded at a high of $39,721 according to the data on Investing.com. This is the first time Bitcoin is trading above $39,000 since June 16 and the largest single-day gain in 6 weeks.
However, the price is now correcting its gains as it is trading at $38,319.3, up 13.22% at the time of writing this report.
Other cryptos are also in green. Ethereum is up 7.71% at $2,317.7, XRP is up 8.87% at $0.66045, Dogecoin is up 14.41% at $0.222111, VeChain is up 12.93% at $0.081167, Binance Coin is up 6.16% at $321.83.
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The rally in Bitcoin comes amid reports that the retail giant Amazon is planning to accept the digital currency as payment by the end of the year.
“This price action is aligning with what we’ve been seeing the past couple of weeks,” said Daniel Kim, head of capital markets at Maple Finance, according to Coindesk.
“Borrowing rates for USD have started to increase from its lows. “We’ve also been seeing a significant increase in demand for USDC (-0.09%) from institutional borrowers and the sentiment seems to be bullish following the news of Amazon participating in bitcoin (BTC, +11.5%),” Kim added.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.