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Bitcoin Climbs Past $40K for First Time Since Mid-June
Market analysts say Monday's price gains accelerated amid a short squeeze.
Bitcoin's notorious volatility was enriching bulls on Monday.
STORY CONTINUES BELOW
The bitcoin price has climbed 17% over the past 24 hours to clear $40,000 for the first time since mid-June.
The largest cryptocurrency by market value, which dipped below $30,000 as recently as last week, has now climbed for a sixth straight day.
Analysts in digital-asset markets attributed the latest climb in part to a short squeeze: Traders who had previously bet on further price declines scrambled to get out of their positions, while others were liquidated due to margin calls.
So far in 2021, bitcoin is up 38%. That's more than double the 18% year-to-date gain in the Standard & Poor's 500 Index of large U.S. stocks.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
