Bitcoin Surges on Tesla Support, Amazon Plan

Bitcoin soared close to $ 40,000 on Monday after electric carmaker Tesla expressed fresh support for the world’s most popular cryptocurrency.

The unit leapt 15% in Asian trade to a one-month high at $ 39,681, buoyed also by report that US retail titan Amazon was mulling the use of crypto technology.

The job posting, which was reported by Coin Desk last week, said the Amazon is looking for an executive to develop the company’s “digital currency and block chain strategy.” Analysts have also wondered whether the move could eventually lead to Amazon accepting Bitcoin as a method of payment.

The cryptocurrency later stood at $ 38,289 in European deals.

“The bulls are back in town, and this time it seems like they are back with a vengeance,” said AvaTrade analyst Naeem Aslam.

“One of the biggest events was (Tesla boss) Elon Musk once again showing support for bitcoin and indicating the fact that Tesla would likely start accepting bitcoin gain.”

However, the virtual unit still remains far from the record peak near $ 65,000 that was forged in April. S-ET

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