Bitcoin smashes records following report Amazon plans to accept the crypto

Bitcoin has risen above its 50-day moving average for the first time since May 12 following endorsements from a few big names

Around the board crypto prices are surging, following Ark Investment’s Cathie Wood and Tesla’s Elon Musk making positive comments about the currency.

Bitcoin, the world’s biggest cryptocurrency, also recorded its fifth straight day of gains on Saturday.

Recent trends were worrying investors, as the coin declined below US$30,000 last week. Many analysts previously said the declines may serve as an indication of further lows to come.

Elon Musk boosts confidence in Bitcoin

However, Musk’s mentioning of Bitcoin at a conference on Wednesday boosted confidence, contributing to the crypto price surge.

The Tesla CEO also announced that his company Space-X own some Bitcoin, so he wants to coin to succeed.

The Bitcoin gains also came as Wood said corporations should consider incorporating Bitcoin to their balance sheets. Square Inc’s founder also dubbed the coin “resilient”.

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