After the massive sell-offs that dominated the crypto market over the past weeks, digital coins rallied overnight.
BTC enjoyed a 6-week high near $38,133 as Ethereum claimed the $2,330 mark. The favorite meme asset, Dogecoin, traded at around 20 cents per currency, giving DOGE a market cap worth $28.8 billion.
The sudden market recovery came as tech giants showed digital currency support last week.
For instance, Bitcoin enjoyed extended upsurges after the hints that Amazon would accept crypto payments soon. Jeffrey Halley, an Oanda market analyst, supported such claims.
The speculation followed Amazon’s blockchain and digital currency job listing. The job description highlighted that the experts would work to improve Amazon’s payments protocols with new capabilities.
However, the e-commerce company did not respond to the claims immediately.
Dorsey and Musk Support
Cryptocurrencies enjoyed news highs over the past few days following bullish views by Jack Dorsey and Elon Musk. The individuals confirmed their plans to incorporate digital coins into their dealings.
That came as the crypto market started last week on downtrends as investors feared that the Delta variant might impact the economy once more. The virus updates saw Bitcoin falling beneath $30,000.
However, Craig Erlam, a market analyst, said that Elon Musk rescued the coin.
On Wednesday, Elon Musk declared that his two firms, SpaceX and Tesla, own Bitcoin. He also admitted that he holds Dogecoin and Ethereum.
Keep in mind that Musk has said that Space X would deal with Dogecoin. He made his remarks during the B-word meeting on a panel with Cathie Wood and Jack Dorsey. The Tesla executive admitted that his only investment besides the two companies is holding BTC, ETH, and DOGE.
Remember, Musk has used Twitter to promote Dogecoin for a long. During the weekend, the CEO posted that DOGE is money.
Meanwhile, Dorsey said that Twitter might use Bitcoin to accomplish its future goals.
Do you think that cryptocurrency will define our economy in the future? Keep in mind that the crypto market has positioned itself for long-term deals, despite the turmoil that storms sometimes.
For now, the crypto market enjoys new highs due to the positivity that the market boasts.
Feel free to add your opinions below.