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

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

At last check, bitcoin prices
BTCUSD,
+11.27%

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.
TSLA,
+1.25%

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
DJIA,
-0.60%
,
the S&P 500 index
SPX,
-0.23%

and the Nasdaq Composite Index
COMP,
+0.27%

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
ETHUSD,
+4.18%

on the ethereum blockchain were up more than 8%, changing hands at $2,546.22, and meme asset dogecoin
DOGEUSD,
+1.86%

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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