Bitcoin has jumped to a three-week high, postponing a possible “death cross” by two weeks and reviving hopes that the crypto bull market has much further to run.

BTC jumped over US$40,000 for the first time since May 28 around 11 last night (Sydney time). It dropped back down a few hours later, reaching a nadir of US$39,400 around 5am, but at 11.30am was changing hands at US$40,326, up 2.8 per cent in the past 24 hours.

In the past week Bitcoin is up 20 per cent – making it the third-best performing token in the top 100, according to Coingecko.

Sentiment has been turning bullish ever since El Salvador adopted Bitcoin as tender last week, but some were crediting this tweet by Elon Musk with boosting the market.

But there were plenty of other possible catalysts for the price jump, including a Bitcoin network upgrade known as Taproot being “locked in” over the weekend; Microstrategy yesterday completing a US$500 million bond offering to add to its existing stash of 92,089 BTC; and other countries including Mexico and Tunisian considering becoming more crypto-friendly.

Whatever the reason, the crypto market was firmly in the green this morning.

crypto market

Ethereum was trading for just under US$2,600, up 3.1 per cent in the past 24 hours.

Just eight of the top 100 coins were in the red, with LEO Token down the most, 10.6 per cent in the past 24 hours. Theta Fuel had fallen 8.5 per cent after its strong gains last week.

Amp was the biggest gainer, up 35.6 per cent to US7.9c. The token hit an all-time high of US8.2c on Friday. It is used to collateralise transactions on the Ethereum network.

Meanwhile Microstrategy said it might sell another US$1 billion in stock to buy more Bitcoin, CoinTelegraph reported.

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