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    TSLA   US88160R1014


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Bitcoin leaps 12% to test recent peaks, ether hits 3-week high

07/25/2021 | 11:18pm EDT

* BTC, ETH jump to the top of recent ranges as shorts squeezed

* BTC strongest since June, ETH at three-week peak

* Talk of Amazon acceptance, big investor remarks a help - brokers

HONG KONG/SINGAPORE, July 26 (Reuters) - 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% 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.

Last week, cryptocurrency enthusiast and Tesla boss Elon Musk said the carmarker would likely resume accepting bitcoin once it conducts due diligence on its energy use. It had suspended such payments in May, contributing to a sharp crypto selloff.

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.

Brokers said that taken together the remarks were enough to finally lift the market from the floor of support where it has held steady since a May plunge, while data also pointed to heavy short-seller liquidations - suggesting many might have given up.

"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.

"With a record $1.2 billion in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive," he said.

Bitcoin was last up 8% at $38,064, putting it within sight of resistance around June's $41,341.57 peak just a week after it was testing support at $29,500.

Ether was last up 5% at $2,304. (Reporting by Alun John in Hong Kong and Tom Westbrook in Singapore; Editing by Christopher Cushing and Jacqueline Wong)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.52% 3458.06 Delayed Quote.5.93%
BITCOIN - EURO 0.49% 40875 Real-time Quote.72.17%
BITCOIN - UNITED STATES DOLLAR -0.03% 48057.35 Real-time Quote.66.27%
ETHEREUM (ETH/BTC) 1.09% 0.07529 Real-time Quote.192.51%
MSCI SINGAPORE (GDTR) -0.43% 6512.501 Real-time Quote.12.38%
SQUARE, INC. 1.99% 253.645 Delayed Quote.14.32%
TESLA, INC. -0.76% 750.08 Delayed Quote.7.11%
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Financials (USD)
Sales 2021 50 327 M - -
Net income 2021 3 967 M - -
Net cash 2021 8 274 M - -
P/E ratio 2021 208x
Yield 2021 -
Capitalization 748 B 748 B -
EV / Sales 2021 14,7x
EV / Sales 2022 10,8x
Nbr of Employees 70 757
Free-Float 81,0%
Duration : Period :
Tesla, Inc. Technical Analysis Chart | TSLA | US88160R1014 | MarketScreener
Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 755,83 $
Average target price 686,09 $
Spread / Average Target -9,23%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio Jose Gracias Independent Director
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