Bitcoin surges with interest from tech giants

At around 11:10 a.m. (Belgian time), bitcoin gained 11% to $ 38,289, as Tesla boss Elon Musk claimed the group could once again accept cryptocurrency as a form of payment, while press reports claim that Amazon also plans to use the technologies of the sector.

There is no fundamental information to explain why bitcoin, which was still trading below $ 30,000 six days earlier, jumped during the Asian session by nearly 15%, to reach $ 39,681, a high since mid-June.

But after a few lean months, bitcoin has benefited from several positive news in the past few days, “and purchases have been increasing since last week’s ‘The B Word’ conference,” analyst Fawad Razaqzada told AFP. at ThinkMarkets.

Last week, Elon Musk claimed his space company SpaceX held bitcoin, as Tesla already does.

Importantly, he said his concerns about the environmental cost of cryptocurrency were lessened by the tightening of Chinese laws against bitcoin “miners”.

These companies essential to the operation of the decentralized bitcoin network but greedy in electricity will relocate to regions where energy comes from less polluting sources, estimates the billionaire.

In addition, on Friday, Amazon posted a recruitment ad for a cryptocurrency project manager position.

“It will start with bitcoin,” says an anonymous source to the CityAM business daily.

“It’s still pure speculation for now,” however specifies Susannah Streeter, analyst at Hargreaves Lansdown.

If she considers “likely that more and more large players will accept cryptocurrencies”, she advises investors to place “only a marginal part” of their portfolio in this sector with steep movements.

“This morning’s effervescent bitcoin price has been exaggerated by a significant number of downside bets that have been lost,” commented James Bennett, cryptocurrency analyst ByteTree, on Twitter.

A first moderate upward movement prompted investors betting on a downside to liquidate their position, which can exacerbate the rise of a financial asset.


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