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Cryptocurrency: Big companies like Tesla, Twitter and Amazon are the reason behind the rise in the price of Bitcoin

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Big companies eye bitcoin, prices jump.

London:

even though cryptocurrency There may be doubts about the legality and regulation of cryptocurrencies, but its market continues to grow. and now Tesla, Twitter and maybe even companies like Amazon Bitcoin showing interest in. It is believed that due to this, this virtual currency, which has been facing a decline for several weeks, can accelerate again. Electric car maker Tesla showed its support for bitcoin on Monday, after which bitcoin rose and the most popular cryptocurrency reached near the $40,000 level.

At the same time, there was also news that retail giant Amazon is considering the use of crypto technology. After this, bitcoin gained 15 percent in the Asian market and it reached the level of $ 39,681. After this, bitcoin came to the level of $38,880 in European markets.

Analysts say that due to so many events, there has been a sudden jump in bitcoin.

Interest in Tesla and Amazon created a stir in the market

Ark Invest, a US-based investment group, organized an event ‘The B Word’ last week to promote virtual currency. Due to this group, Tesla’s founder Elon Musk and Twitter head Jack Dorsey resurfaced support for the virtual currency. Elon Musk’s stand is repeating about this. He has also shown a positive attitude towards crypto, but he has also expressed his concern about the impact it will have on the environment.

This time he said that Tesla may allow customers to accept bitcoin for payment, due to which the price of bitcoin has increased.

Let us tell you that in April this year there was a historic jump in bitcoin. The currency had gained 290 per cent in one year and reached its all-time high of $65,000 in April. But after this the currency has fallen by 40 percent.

After Musk, Amazon posted a post on social media for jobs related to blockchain strategy and digital currency, after which the market again saw a stir.

“Bitcoin is on its way again and it looks like it’s due to a job posting from Amazon or more specifically,” said Craig Earlam, analyst at online brokerage Oanda. He also said that traders may be buying bitcoin to fill contracts, which has also led to a rise in prices.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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