Following a weekend of bullish news, Bitcoin is soaring back after an extended bear market, re-testing the important $40,000 barrier. Bitcoin fell below $30,000 for the first time in a month on Tuesday.
Bitcoin was 30 percent higher on Sunday night, just five days later, and was very close to $40,000. Over the weekend, the leading cryptocurrency surged, and it raced even more when Asian markets opened on Monday morning. Ethereum has also recovered from a long period of bearishness, rising 22% in the last week to above $2,300. A few recent news events are likely to have re-energized crypto markets.
Elon Musk charmed Bitcoiners on Wednesday at a pro-Bitcoin virtual event called "The B Word," when he restated that he and Tesla both own and believe in Bitcoin, and that his other company SpaceX has Bitcoin on its financial sheet. He also revealed for the first time that he owns Ethereum and is a "fan" of DeFi (decentralized finance), the Ethereum-based fast-trading investment business. Busta Rhymes, a rapper, was so moved by the incident that he purchased Bitcoin and is now "looking into" Ethereum.
Two other famous Bitcoin flag-wavers, Square and Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood, spoke at the virtual gathering. Last week, Wood's firm took advantage of the crypto market's drop by stockpiling shares of Coinbase and the Grayscale Bitcoin Trust (GBTC).
The resurgence of interest in crypto markets was aided by a crypto job advertisement on Amazon. "We're encouraged by the creativity happening in the cryptocurrency area, and we're investigating what this may look like on Amazon," Amazon stated in a follow-up statement to the media. It wasn't the first time Amazon advertised a crypto-related position.
Analysts frequently focus on crucial "resistance levels" in the crypto markets. Around $63,000, $40,000, and $50,000 were viewed as resistance levels that Bitcoin smashed over on its path to its all-time high in April.
Now that Bitcoin has retested the $40,000 barrier, the next move will indicate if it has genuinely recovered from the harsh bear market of the previous three months.
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