Bitcoin rises 9.8% to $39,035

Representations of the cryptocurrency Bitcoin can be seen in this illustration from June 7, 2021. REUTERS / Edgar Su / Illustration / File Photo

Bitcoin rose 9.8% to $ 39,035.47 on Sunday, adding $ 3,492.71 to its previous closing price.

Bitcoin, the world’s largest and best-known cryptocurrency, is up 40.7% from its annual low of $ 27,734 on Jan. 4.

Ether, the coin connected to the Ethereum blockchain network, rose 7% to $ 2,532.77 on Sunday, up $ 165.77 from the previous closing price.

Elon Musk, chief executive officer of Tesla Inc (TSLA.O), tweeted Sunday that the electric car maker will again allow bitcoin transactions if miners verifying transactions use more renewable energy.

Musk was a major promoter of cryptocurrencies, but has become critical of Bitcoin since Tesla suspended plans to pay for cars because of concerns that the computers used to “mine” were using too much power.

“If there is confirmation of reasonable (~ 50%) clean energy consumption by miners with a positive future trend, Tesla will allow Bitcoin transactions again,” he said in the tweet.

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