Bitcoin Extends Rally As Price Again Rises Above $40,000 U.S.

Bitcoin is heading for its longest winning streak this year.

 

The price of the world’s biggest cryptocurrency rose 6.1% to top $40,000 U.S. in pre-market trading Wednesday (July 28). Bitcoin’s price has now risen for eight straight days, putting it on track for its longest win streak so far in 2021.

Other cryptocurrencies, including Ethereum, have also climbed higher in recent days.

Despite the latest rally, Bitcoin remains below its mid-April high of almost $65,000 U.S. But bulls have taken heart from ongoing speculation about e-commerce company Amazon’s potential involvement in the cryptocurrency space.

Bitcoin has been rising even though a stock rout in China this week dented some investor appetite for risk and contributed to a drop in global stock markets.

The current cryptocurrency rally has taken the focus away from criticism of Bitcoin’s environmental impact due to the energy consumed by the computers used to mine the digital coin.

Regulators in China, the U.S. and Europe are increasingly cracking down on cryptocurrencies or issuing new regulations to govern the sector.