Bitcoin hit its highest level since mid-May and continues to build momentum.
The largest cryptocurrency gained for a 10th day and traded up to $42,390 on Saturday, its highest level since May 20. Market watchers have pointed to $40,000 as an important inflection point.
“A run like this certainly suggests some flow backing,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note on Saturday. “Of course, it now needs to stabilise here – and above the high from May 20 would be further confirmation.”
Bitcoin, which for weeks trended downwards from its mid-April record near $65,000, has now spent more than a week building back as supportive comments from Tesla founder Elon Musk and Cathie Wood, investor and founder of investment management company Ark Invest, helped to bump it out of a declining trend.
Digital-asset related jobs postings by Amazon.com indicated that it may be entering the cryptocurrency sector after it posted a job seeking a “digital currency and blockchain product lead”. This helped Bitcoin as well.
Oanda's senior market analyst for North America, Edward Moya, offered a note of caution about the price moves.
“Retail interest is strong while institutional interest is somewhat lagging and needing fresh endorsements,” he said in a note on Friday.
“Bitcoin volatility might remain elevated at the weekend and traders should not be surprised if a [steep increase] occurs towards the $42,000 level during some illiquid times.”
Still, the world’s largest cryptocurrency has risen back above its 50- and 100-day moving averages, with the 200-day at $44,680 within reach.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
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• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
MATCH INFO
Asian Champions League, last 16, first leg:
Al Ain 2 Al Duhail 4
Second leg:
Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
