In one seamless movement, the Bitcoin has at 10 p.m. CEST on Friday evening around $ 39,100 starting an increase to $ 41,780 on Saturday morning at 1 a.m. CEST. In this wake, the crypto market grew by around five percent overall. That comes from data from Coinmarketcap. At the time of this writing, Bitcoin is still around $ 41,800.
The 41,000 mark was last reached in the second half of May
It’s the first time in around six weeks that Bitcoin has managed to cross the $ 40,000 mark. In fact, it is the first time since the third week of May that Bitcoin exceeded the $ 41,000 mark.
Experts assume that the past strong week for the US economy had a positive effect on the BTC rate. In the past week, various large technology companies, including Apple, Google, Microsoft and Tesla, published their annual reports and showed significant profits.
Also in the context of the increase, the expiry of $ 1.5 billion worth of Bitcoin options at the unregulated derivatives exchange Deribit. This should have enabled traders to buy Bitcoin at a discounted rate. Reports that the $ 45 billion US hedge fund Goldentree had invested in Bitcoin could also have had a positive effect.
In the past week there had already been an increase in the rate to just under 40,000 dollars. This was triggered by rumors that Amazon could accept Bitcoin as a means of payment in the near future. After the company had denied these plans, the price had fallen again, but not to the starting level.
Ethereum increases by 5 percent
Ethereum is also showing an upward trend over the weekend and has also reached its highest level since mid-June with a price of 2,479 dollars. At the time of this post, ETH is $ 2,467.
The increase is not surprising because Ethereum is only days before the deployment of the London hard fork, a major update of the mainnet that will implement the controversial improvement proposal EIP-1559, among other things , stands. From August 4th, the transaction fee system will be completely turned inside out and the switch to Ethereum 2.0 will be further prepared.