Bitcoin surges 15% to top $38,000, boosted by comments from influential investors and chatter about Amazon getting into crypto
[https://finance.yahoo.com/news/bitcoin-surges-15-top-38-085521284.html](https://finance.yahoo.com/news/bitcoin-surges-15-top-38-085521284.html)
**Shalini Nagarajan**
Mon, July 26, 2021, 4:55 AM
[ OZAN KOSE\/AFP via Getty Images ](https://preview.redd.it/ri5xgnqqmjd71.png?width=704&format=png&auto=webp&s=ddd71388debe92995889990ee9b3493a8d4edbe6)
* Bitcoin rose 15% to its strongest level since mid-June on Monday.
* Positive remarks by Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event helped drive the gains.
* Chatter about Amazon possibly accepting bitcoin payments by the end of 2021 are seen as adding further support.
[Bitcoin](https://markets.businessinsider.com/currencies/btc-usd?utm_source=yahoo.com&utm_medium=referral) leapt 15% on Monday to rise above $38,000 for the first time in about six weeks, after remarks from influential commentators and a report that Amazon is considering accepting payments in the cryptocurrency helped restore bullish investor sentiment.
The coin was trading at around $38,750 as of 3:15 a.m. ET, representing a 33% gain so far this year. It had earlier hit a 24-hour high of about $39,544, its highest level since mid-June.
After being stuck in a descending slope for three months, bitcoin broke out at the top end of recent levels following [positive comments](https://www.businessinsider.com/bitcoin-price-predictions-crypto-cathie-wood-elon-musk-jack-dorsey-2021-7?utm_source=yahoo.com&utm_medium=referral) from leading CEOs Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event last week.
Tesla CEO Musk said the electric-vehicle maker would be open to accepting [bitcoin as payment again](https://markets.businessinsider.com/currencies/news/elon-musk-bitcoin-approach-cathie-wood-jack-dorsey-bword-conference-2021-7?utm_source=yahoo.com&utm_medium=referral), as long as the mining community strives to move towards efficient energy use. Twitter boss Dorsey said that bitcoin is a big part of the social-media platform's future, and that he's working to make an accessible wallet for it via payments company Square.
A [report](https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/) from London's City A.M. about [Amazon](https://markets.businessinsider.com/stocks/amzn-stock?utm_source=yahoo.com&utm_medium=referral) possibly accepting bitcoin payments by the end of 2021 also helped drive the digital currency's move higher. The roll-out may not take long, since the online retail giant has been working on these plans since 2019, a source told the newspaper, it reported.
Amazon is also looking to [hire someone](https://markets.businessinsider.com/currencies/news/amazon-digital-currency-crypto-blockchain-initiatives-ledger-lead-job-posting-2021-7?utm_source=yahoo.com&utm_medium=referral) to lead its digital currency and blockchain initiatives.
The re-emergence of institutional experts, along with Goldman Sachs' recent [services](https://www.coindesk.com/goldman-sachs-settling-crypto-etps-in-europe-sources) for institutional trades in bitcoin, helped drive the weekend rally for bitcoin, Jeffrey Halley, a senior market analyst at OANDA, said in a note on Monday.
I still believe the entire sector and un-stable coins are complete nonsense that will lose small investors billions, but the people have spoken, and the digital Dutch tulips look ripe for a large rally in the short term," Halley said.
https://www.reddit.com/r/StockMarket/comments/orwxvn/bitcoin_surges_15_to_top_38000_boosted_by/
