ARK Investment and Tesla Boost Bitcoin’s Momentum

Bitcoin traded above a pivotal technical level over the weekend for the first time since early May 2021, as ARK Investment and Tesla boost Bitcoin's momentum. The largest cryptocurrency, Bitcoin, rose above its 50-day moving average as it hit $30,000 for the first time since May 12. It leaped as Elon Musk said Tesla is "most likely" to start accepting Bitcoin as payment again.

Bitcoin appeared to be in danger of further declines after it fell below $30,000 earlier during the week. Dropping below $30,000 is widely flagged by strategists as potentially spurring further drops. However, it got a boost when Musk said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some at “The B Word” conference on Wednesday. Moreover, Wood stated that corporations shoul...

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