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The world’s No. 1 crypto, and prices of digital assets more broadly, were headed higher on Monday

At last check, bitcoin prices BTCUSD, 10.31% had climbed more than 12% and were changing hands around $40,631 on CoinDesk, which would mark the highest level since late May, according to FactSet data.

Gains for the crypto are still far from its mid-April peak near $65,000, but bullish investors view the recent price run-up as constructive and potentially auguring well for bitcoin values in the longer term.

The rally was being partly attributed to comments from Tesla Inc. TSLA, 0.93% CEO Elon Musk, who appeared to acknowledge that the electric-vehicle maker had sold some 10% of its crypto holdings but also said that the company would resume allowing purchases of its products in bitcoin if miners of the digital asset can confirm that they use 50% clean energy.

The moves in crypto come as stocks are under pressure in early trade as investors await a key update on Wednesday from the Federal Reserve about its inflation outlook. The Dow Jones Industrial Average DJIA, -0.67%, the S&P 500 index SPX, -0.25% and the Nasdaq Composite Index COMP, 0.40% were all struggling for altitude but holding near record-closing highs.

Meanwhile, other crypto assets were also climbing in sympathy with bitcoin, perhaps. Ether coins ETHUSD, 5.88% on the ethereum blockchain were up more than 8%, changing hands at $2,546.22, and meme asset dogecoin DOGEUSD, 3.55% was up about 7% to trade near 33 cents.

Those assets are also well off their recent peaks hit in May.


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