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Bitcoin Rallies Past $40,000 Level to Highest Since Mid-May

  • FTX’s Cheesman says cryptocurrency needs to ‘stabilize here’
  • Bitcoin has overtaken its 50- and 100-day moving averages
Bloomberg business news
Bitcoin Climbs Near $40,000 on Amazon Crypto Speculation
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Bitcoin hit its highest level since mid-May and continues to build momentum.

The largest cryptocurrency gained Sunday for an 11th day in the past 12 and traded up to $42,606, its highest since May 18. Market watchers have pointed to $40,000 as an important inflection point. It was up about 0.5% at $41,739 as of 6:13 a.m. New York time on Sunday.