Crypto: Bitcoin price jumps over 12% to roughly 3-week high to trade above $40,000


The world’s No. 1 crypto, and prices of digital assets more broadly, were headed higher on Monday

At last check, bitcoin prices

had climbed more than 12% and were changing hands around $40,631 on CoinDesk, which would mark the highest level since late May, according to FactSet data.

Gains for the crypto are still far from its mid-April peak near $65,000, but bullish investors view the recent price run-up as constructive and potentially auguring well for bitcoin values in the longer term.

The rally was being partly attributed to comments from Tesla Inc.

CEO Elon Musk, who appeared to acknowledge that the electric-vehicle maker had sold some 10% of its crypto holdings but also said that the company would resume allowing purchases of its products in bitcoin if miners of the digital asset can confirm that they use 50% clean energy.

The moves in crypto come as stocks are under pressure in early trade as investors await a key update on Wednesday from the Federal Reserve about its inflation outlook. The Dow Jones Industrial Average
the S&P 500 index

and the Nasdaq Composite Index

were all struggling for altitude but holding near record-closing highs.

Meanwhile, other crypto assets were also climbing in sympathy with bitcoin, perhaps. Ether coins

on the ethereum blockchain were up more than 8%, changing hands at $2,546.22, and meme asset dogecoin

was up about 7% to trade near 33 cents.

Those assets are also well off their recent peaks hit in May.

Key Words: Paul Tudor Jones sees ‘green light to bet heavily on every inflation trade’ if Fed ignores price pressures Wednesday

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