Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment.
Bitcoin rose as far as 12.5 percent to hit $39,850, its highest since mid-June during the Asia session, while ether hit a three-week peak of $2,344. On the heels of bitcoin's best week in almost three months, the move put the squeeze on short sellers.
Twitter boss Jack Dorsey also said last week that the digital currency is a "big part" of the social media firm's future and, on Sunday, London's City A.M. newspaper reported - citing an un-named "insider" - that Amazon is looking to accept bitcoin payments by year's end. "Over the last five trading sessions we've seen general near-term bullishness in the market, driven by key technicals, as well as recent positive comments," said Ryan Rabaglia, global head of trading at digital asset platform OSL.
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