Bitcoin briefly tops $40,000 for first time since June Skip Navigation Markets Pre-Markets U.S. Markets Currencies Cryptocurrency Futures & Commodities Bonds Funds & ETFs Business Economy Finance Health & Science Media Real Estate Energy Climate Transportation Industrials Retail Wealth Life Small Business Investing Invest In You Personal Finance Fintech Financial Advisors Trading Nation Options Action ETF Street Buffett Archive Earnings Trader Talk Tech Cybersecurity Enterprise Internet Media Mobile Social Media Venture Capital Tech Guide Politics White House Policy Defense Congress Finding Solutions CNBC TV Live TV Live Audio Business Day Shows The News with Shepard Smith Entertainment Shows Full Episodes Latest Video Top Video CEO Interviews CNBC Documentaries CNBC Podcasts CNBC World Digital Originals Live TV Schedule Watchlist PRO Pro News Pro Live Subscribe Sign In Menu Make It USA INTL watchlive Search quotes, news & videosSIGN IN Markets Pre-Markets U.S. Markets Currencies Cryptocurrency Futures & Commodities Bonds Funds & ETFs Business Economy Finance Health & Science Media Real Estate Energy Climate Transportation Industrials Retail Wealth Life Small Business Investing Invest In You Personal Finance Fintech Financial Advisors Trading Nation Options Action ETF Street Buffett Archive Earnings Trader Talk Tech Cybersecurity Enterprise Internet Media Mobile Social Media Venture Capital Tech Guide Politics White House Policy Defense Congress Finding Solutions CNBC TV Live TV Live Audio Business Day Shows The News with Shepard Smith Entertainment Shows Full Episodes Latest Video Top Video CEO Interviews CNBC Documentaries CNBC Podcasts CNBC World Digital Originals Live TV Schedule Watchlist PRO Pro News Pro Live Subscribe Sign In Menu CryptocurrencyBitcoin briefly tops $40,000 for first time since June as cryptocurrency rallies after sell-off Published Mon, Jul 26 202112:06 AM EDTUpdated Mon, Jul 26 20215:01 PM EDT Arjun Kharpal@ArjunKharpal MacKenzie Sigalos@KENZIESIGALOS ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Key Points Bitcoin briefly surged above $40,000 for the first time in nearly six weeks as sentiment turned bullish following a recent sell-off. The token's price retreated later Monday after Amazon denied a report that it would start accepting cryptocurrency for payments this year, according to Reuters and Bloomberg. In this article ETH= BTC.CB= VIDEO2:2902:29 Cramer: It looks like bitcoin is in some kind of a squeeze Squawk Box Bitcoin surged above $40,000 for the first time in nearly six weeks on Monday as sentiment turned bullish following a recent sell-off. The cryptocurrency traded above the key level briefly, reaching $40,245 by 3:30 p.m. ET, according to Coin Metrics data. Bitcoin last traded above the $40,000 level on June 16. Bitcoin's price retreated later Monday after Amazon denied City A.M.'s report that the retail giant would start accepting bitcoin for payments this year. Amazon on Friday confirmed it is looking to add a digital currency and blockchain expert to its payments team, suggesting it could be taking a closer look at bitcoin and other cryptocurrencies. "Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon," an Amazon spokesperson said in a statement to CNBC. Bitcoin traded at about $38,024, or about 10.4% higher, by 4:45 p.m. ET . The moves in the cryptocurrency's price comes after bitcoin recently fell below $30,000 after a global sell-off in stocks, sparking fears that it could plunge even further. VIDEO18:2318:23 El Salvador made bitcoin a legal currency. Now it gets interesting Beyond the Valley Podcast Musk, Dorsey, Wood in focus Twitter CEO Jack Dorsey, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood all recently spoke during a closely watched bitcoin conference called "The B-Word." Musk said that Tesla would likely start accepting bitcoin for vehicle purchases again as a greater share of bitcoin mining switches to renewable energy. In May, Tesla suspended vehicle purchases using the cryptocurrency out of concern over the "rapidly increasing use of fossil fuels for bitcoin mining." Bitcoin mining is the energy-intensive process of creating new coins, which involves solving complex math problems. The computational power required to do so also consumes a lot of energy. VIDEO8:4208:42 Why does bitcoin use so much energy? CNBC Explains "The Chinese trading day has opened up, and the Elon/Jack/Cathie talk was super bullish," said Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners. Read more about cryptocurrencies from CNBC Pro Major analysts are talking about Coinbase’s second-quarter earnings. Here’s what they said Fundstrat says bitcoin is headed to $100,000 by year-end as a trading rule kicks in The world’s second-biggest cryptocurrency is rallying more than bitcoin These bullish moves have also contributed to a so-called "short squeeze," according to bitcoin mining engineer Brandon Arvanaghi. Investors who short bitcoin are betting that the price will fall further. But if the price goes higher, these investors look to cut losses and exit their short positions, which helps to push the price even higher. "I think the extent of the jump was probably driven by over-leverage shorts," Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said. Meanwhile, some of the issues that have weighed on bitcoin's price have begun to clear up. Over the past few months, China has renewed its crackdown on cryptocurrencies targeting mining and trading. And concerns over the carbon footprint of bitcoin mining are starting to wane. Luxor Mining's Brammer said the uncertainty around the environmental impact of mining and the Chinese regulatory concerns have "worn off." —CNBC's Hannah Miao and Gina Francolla contributed reporting. TV WATCH LIVEWATCH IN THE APP UP NEXT | ETListen Subscribe to CNBC PRO Licensing & Reprints CNBC Councils Supply Chain Values CNBC on Peacock Advertise With Us Join the CNBC Panel Digital Products News Releases Closed Captioning Corrections About CNBC Internships Site Map Podcasts Ad Choices Careers Help Contact News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up NowGet this delivered to your inbox, and more info about our products and services.  Privacy Policy|Do Not Sell My Personal Information|CA Notice|Terms of Service © 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. 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