Bitcoin’s price rose above $40,000 on Monday, representing the first time the market has moved above that level since mid-June.
At press time, the cryptocurrency is trading at $40,085 on Coinbase, up more than 17% in the past twenty-four hours. As noted in the chart below, bitcoin’s price last rose above $40,000 on June 16.
The market move comes hours after bitcoin’s push above $39,000 triggered the liquidation of some $883 million in crypto short positions, as The Block reported this morning. 81% of those liquidations were in connection with bitcoin short positions, with $720 million liquidated.
Market observers attributed the price move to a range of possible factors, including speculation about Amazon’s interest in cryptocurrency and the continued scrutiny of the market by Chinese authorities.
“The actions of the Chinese government certainly resulted in some selling,” GSR’s Rich Rosenblum told The Block. “But as time passes, so does that selling, and then it allows the market to mean revert back up.”
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