The cryptocurrency market extends the surge

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The crypto-currency market extends the rebound began Wednesday after the founder of Tesla , Elon Musk , said the electric vehicle manufacturer would agree to the new bitcoins as payment of its customers.

The Bitcoin remains above 32 000 dollars, while the ehtereum back above 2 000. Earnings from altcoins are moderate, with a few exceptions like polkadot, which skyrockets by almost 10%. Total capitalization exceeds $ 1.35 trillion. 

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Tesla would take over bitcoin, most likely, ” Musk said at the B Word conference, which was also attended by Square's Jack Dorsey. He also admitted that he personally owned bitcoin, ethereum, and dogecoin , aside from cryptocurrencies owned by Tesla and SpaceX. “ Bitcoin mining is shifting to renewable energy, ” he added, as a sine qua non for the electric vehicle maker to start accepting digital currency again. 


 

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Investors should note that Elon Musk is one of the strongest proponents of cryptocurrency and that his comments on the subject have caused cryptocurrency markets to soar in the past, ” recalls Naeem Aslam, Head of Cryptocurrency. analyzes at AvaTrade. 

Tesla suspended bitcoin purchases in May over concerns over the use of fossil fuels in mining, which sparked a drop in digital currency. 

Bitcoin has since entered a two-month correction, with a low of $ 28,800. For weeks now, Satoshi Nakamoto's creation has been encapsulated in a range between $ 30,000 and $ 40,000, which momentarily broke this week. 

These factors indicate that, while the corrective phase is not over, the danger of further declines to the $ 25,000 area has dissipated, at least in the short term. 

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This week's price rally, after briefly dipping below $ 30,000, confirms this trend as the trade nears the 55-week moving average.

By the time almost everyone was taking a dip to $ 20,000 for granted, the fact that price is bouncing off key supports leaves a little silver lining that maybe something is starting to change in bitcoin.

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