© Reuters.
By Samuel Indyk
Investing.com – The price of dropped back below $40,000 on Monday after Saudi Aramco (SE:) denied reports that it was planning to enter the cryptocurrency industry and mine Bitcoin.
“With reference to recent reports claiming that the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate,” the energy giant said in a statement.
Media reports over the weekend suggested that Aramco was looking to mine cryptocurrency with power from flared gases they’re not using.
Bitcoin price
Over the weekend Bitcoin hit $42,500, its highest level since 18th May, after breaking above its 100-day moving average.
Bitcoin had been in a downtrend after the sell off in April and May but comments from Elon Musk and more signs of institutional interest have supported prices in the latest week.
Last week, Tesla (NASDAQ:) CEO Musk said the electric vehicle company would “likely” begin accepting Bitcoin as payment again, after stopping accepting the cryptocurrency in May citing its environmental…
