Bitcoin rebounded strongly this week after many days of nail-biting volatility and continued flip-flops. The pioneer cryptocurrency rose as much as 12.5% and nearly made it to $40,000, while altcoins followed suit and posted impressive gains. Ether, for instance, shot up by 5% to hit its three-week high of $2,344. Overall, the market pushed back against short sellers amidst a string of positive developments, bringing hope for a change in investor sentiment.
“The B Word” conference proved to be a major catalyst for last week’s crypto turnaround. Organized by the Crypto Council for Innovation, the steaming event saw Tesla CEO Elon Musk, Twitter CEO Jack Dorsey, and Ark Invest founder and CEO Cathie Wood come together to discuss the prospects of Bitcoin and other cryptocurrencies.
In particular, Musk’s appearance and comments at the conference boosted the sentiment around the primary crypto. The centibillonaire disclosed his personal Bitcoin and Ethereum holdings and suggested that Tesla would resume BTC transactions once miners sufficiently transitioned to clean energy. The company had suspended Bitcoin payments in May, which triggered a massive selloff in the market.
Meanwhile, Jack Dorsey also outlined his commitment to cryptocurrencies and said that they are a “big part” of Twitter’s future. The optimism expressed by Silicon Valley stalwarts resulted in an uptick in Bitcoin prices, which at the time had been trending below $30,000. But the market cap got a strong boost on Sunday after news website City A.M. reported that Amazon was dabbling with the idea of crypto payments.
Brokers pointed out that collectively the comments helped digital currencies break past their resistance points, while the market witnessed a spike in liquidations from short-sellers who bailed out in the face of strengthening investor sentiment.
According to reports, Bitcoin’s prices moved upwards by almost 15% in the last 24 hours, putting the currency at $39,544. At the time of writing, it was trading at $38,557.
As Bitcoin started recovering from its losses, the altcoin market also gathered steam. Ether, the second-largest cryptocurrency by market cap, posted more than 7% in profits and breached the $2,300 mark.
Meanwhile, Dogecoin, XRP, Cardano, Uniswap, and Litecoin also surged by more than 8% and trended positively.