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After Elon Musk Modifications Twitter Bio To “#Bitcoin,” BTC Worth Surges

01/30/2021

Early this morning, Elon Musk, the CEO of SpaceX and Tesla, in addition to the richest particular person on this planet, modified his Twitter profile to learn “#bitcoin” and tweeted a cryptic message that many within the Bitcoin house interpreted as advocacy for the know-how or acknowledgment that his tacit endorsement was sure to occur.

Inside minutes of the tweet surfacing, the value of bitcoin climbed sharply. It rose from about $32,000 on the time of the tweet to about $37,500 simply an hour later, a 14 p.c spike, per TradingView. The BTC worth ultimately reached a 14-day excessive of $38,300 on the day. This worth achieve prompted greater than $446 million value of brief liquidations throughout a number of cryptocurrency exchanges, in response to the information aggregator Coinalyze.

Commemorating the second, bitcoin mining pool F2Pool embedded Musk’s message into block 668,197.

Whereas it isn’t doable to attract a direct line between Musk’s tweet and the rise in bitcoin’s worth, it’s clear that it generated main curiosity. In response to Google Traits, searches for the phrase “bitcoin” greater than doubled inside two hours of the message.
Some have additionally speculated that the value was moved by Musk himself making a major funding in bitcoin. Final month, Musk publicly requested Michael Saylor — the MicroStrategy CEO who has diverted tens of millions of {dollars} of treasury belongings into bitcoin — concerning the feasibility of creating giant bitcoin transactions.

The put up After Elon Musk Modifications Twitter Bio To “#Bitcoin,” BTC Worth Surges appeared first on Bitcoin Journal.