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Seeking Alpha 2021-07-26 20:06:49

Bitcoin breaches $40K for first time since June as short-covering continues

Bitcoin breaches $40K for first time since June as short-covering continues

traviswolfe/iStock via Getty Images Bitcoin climbs climbs past $40K for the first time since June 16 on strength powered by short-covering triggered by reports that Amazon may start accepting the cryptocurrency for payment. The crypto traded as high as $40.6K in afternoon trading, testing the $41.3K resistance level, on Monday, but recently eases to $39.8K. However, Bloomberg reports that Amazon denies it will accept bitcoin this year and denies plan to launch a crypto coin in 2022. A slew of bitcoin-related names also surge on the crypto rally. MicroStrategy ([[MS]] +2.1%), Bit Digital ([[BTBT]] +109.0%), Riot Blockchain ([[RIOT]] +21.0%), Marathon Digital ([[MARA]] +19.6%), SOS ([[SOS]] +22.4%), Coinbase Global ([[COIN]] +9.1%). Also, Grayscale Bitcoin Trust ([[GBTC]] +24.8%), Grayscale Ethereum Trust ([[ETHE]] +18.2%), Osprey Bitcoin Trust ([[OBTC]] +11.7%). Previously (July 23), Amazon posting signals potential plan to accept cryptocurrency

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