Bitcoin’s continued rebound has caused the world‘s largest cryptocurrency to set its longest consecutive rise this year. Bitcoin rose 7.5% to $40,900 during trading hours in New York on Wednesday. The cryptocurrency has risen for eight consecutive days, the longest consecutive rise since December last year. Other cryptocurrencies – including the second-ranked ether – also climbed.
Pankaj Balani, CEO of the cryptocurrency derivatives exchange Delta Exchange, released a report on Tuesday, saying that “the current momentum is very strong” and that $45,000 is in sight, but eventually breaking through $50,000 “will require some effort”.
Bitcoin is still well below the high of nearly $65,000 hit in mid-April. But the bulls have cheered up in recent positive comments from billionaire Elon Musk and well-known investor Cathie Wood of Ark Investment Management LLC. In addition, speculation that Amazon may be involved in the cryptocurrency field has also boosted market sentiment.
According to reports issued by Ben Onatibia and Giacomo Pierantoni of VandaTrack Research, judging from the increase in Bitcoin trading volume on major exchanges, retail investors have also begun to return to cryptocurrencies.
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