Bitcoin hits its highest level since last May

Bitcoin hit its highest price point since last May, following positive comments from Tesla CEO Elon Musk and Ark Investment CEO Kathy Wood.

The cryptocurrency has posted five straight days of gains, surpassing $ 34,000 on Sunday.

Analysts expect Bitcoin to have a cap of $ 35,000 for the month of July.

“The value of my Bitcoin is far greater than the value of my Ethereum or Dodge Coin holdings,” Elon Musk said at a conference last Wednesday.

Musk added that SpaceX and Tesla both own bitcoin, and that he’s open to Tesla accepting bitcoin as a form of payment again, once its mining becomes more reliant on clean energy.

Bitcoin has suffered several setbacks recently, including a Chinese regulatory crackdown – in part due to concerns over rising energy consumption – and advances in the central bank’s digital currency projects that could put pressure on crypto-coins. private currencies.

Officials around the world are also stepping up scrutiny of cryptocurrencies. Last week, US Treasury Secretary Janet Yellen pushed leading financial regulators to speed up their review of new rules to monitor so-called “stable cryptocurrencies.”