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Aug. 1, 2021, 9:01 p.m. EDT

Bitcoin rallies above $40,000, then pulls back again

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By Mike Murphy

The price of bitcoin surged above the $40,000 level over the weekend for the first time since mid-May, but the rally started to stumble Sunday.

Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -2.40% peaked above $42,000 on Saturday, according to Coindesk data, but by Sunday evening, had retreated to around the $39,600 level.

The world’s largest cryptocurrency has surged since dipping below $30,000 on July 20, partly because investors see it as a hedge against inflation and currency values if and when the Federal Reserve starts tapering its $120 billion-a-month asset purchases.

Other cryptocurrencies followed bitcoin’s lead, falling Sunday after a streak of daily gains. Ethereum /zigman2/quotes/108573964/realtime ETHUSD -2.46% was recently trading off about 5% on the day, while dogecoin /zigman2/quotes/226077044/realtime DOGEUSD -0.66% was down about 3.5%, according to Kraken data.

While bitcoin is about flat over the past five days, it’s up 14% over the past month, and up 38% year to date, even though it’s off around 40% from its all-time high around $65,000 in April.

/zigman2/quotes/31322028/realtime
US : CoinDesk
41,670.20
-1,026 -2.40%
Volume: 0.00
Sept. 28, 2021 10:10a
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/zigman2/quotes/108573964/realtime
US : Kraken
2,901.70
-73.24 -2.46%
Volume: 81.01M
Sept. 28, 2021 10:10a
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/zigman2/quotes/226077044/realtime
US : Kraken
0.20
-0.0013 -0.66%
Volume: 7.95M
Sept. 28, 2021 10:09a
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