Bitcoin and the rest of the cryptocurrency market has recovered from recent plunging prices in spectacular fashion.
The price of bitcoin is up almost 10 per cent over the last 24 hours, with all of the other major cryptocurrencies showing similar positive performance. Bitcoin has gained almost 20 per cent over the last week – and ethereum is up even more, worth around 22 per cent more than it was seven days ago.
The surging prices could be explained at least partly by reports that Amazon is considering adding cryptocurrency for payments. As first revealed in a new job listing, and boosted by recent rumours, the company looks as if it is looking at ways the technology could “enable modern, fast, and inexpensive payments”.
It also comes after comments from major cryptocurrency figures including Elon Musk helped boost momentum around the technology and its value.
During a debate with Twitter chief executive Jack Dorsey, Mr Musk revealed that SpaceX also holds bitcoin – in addition to his own personal holdings and those of Tesla – and that his electric car company could soon start taking payments using it once again.