Share this article
Bitcoin Climbs Past $40K for First Time Since Mid-June
Market analysts say Monday's price gains accelerated amid a short squeeze.
Updated Sep 14, 2021, 1:31 p.m. Published Jul 26, 2021, 7:24 p.m. 1 min read
Bitcoin's notorious volatility was enriching bulls on Monday.
The bitcoin price has climbed 17% over the past 24 hours to clear $40,000 for the first time since mid-June.
The largest cryptocurrency by market value, which dipped below $30,000 as recently as last week, has now climbed for a sixth straight day.
Analysts in digital-asset markets attributed the latest climb in part to a short squeeze: Traders who had previously bet on further price declines scrambled to get out of their positions, while others were liquidated due to margin calls.
So far in 2021, bitcoin is up 38%. That's more than double the 18% year-to-date gain in the Standard & Poor's 500 Index of large U.S. stocks.
More For You
CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
Top Stories
