Bitcoin briefly breaks above $39,000 in the largest single-day gain since mid-June.

Bitcoin briefly soared above $39,000 for the first time since June 16 and is currently trading its sixth consecutive day in the green.

Bitcoin’s price has been in green since July 21, with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s leading cryptocurrency is changing hands for around $38,400, having cooled slightly after hitting a monthly high of around $39,850. Crypto short positions worth $883 million were liquidated over the past 12 hours amid bitcoin’s 12% price breakout.

 

Short positions on bitcoin worth $720 million liquidated.

According to data from Bybt.com, out of $883 million short positions liquidation, short bitcoin positions accounted for 81%, with $720 million liquidated. The majority of the bitcoin and overall crypto short liquidations happened over the past four hours when bitcoin’s price started to see a notable surge. Bitcoin started to break out around 0:00 UTC time on Monday after trading mostly at the $34,000 levels over the weekend. It quickly jumped by over 10% within hours to cross the $39,000 level for the first time since mid-June. 

 

Elon Musk reveals SpaceX also holds bitcoin. 

Tech billionaire Elon Musk confirmed both Tesla and SpaceX own Bitcoin during his discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood today. Speaking at The B Word panel, Elon Musk said he is ultimately a supporter of Bitcoin and cryptocurrencies despite his skepticism towards proof of work concepts. He said the only public stock he owns is Tesla, but the only “three meaningful assets” he owns outside of company stock are bitcoin, ether, and dogecoin, and that he owns “much more bitcoin than ether or doge.” In addition to his private holdings, Musk also confirmed SpaceX also owns bitcoin.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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