News, stories and events about currency from around the world.

X_Logo f_logo_RGB-Blue_58

SwanBitcoin445X250

Elon Musk Endorses Bitcoin, Price Spikes – Bitcoin Magazine

Category: Digital Currency News Archives
Hits: 662

HTTP/2 200 date: Sat, 30 Jan 2021 14:42:40 GMT content-type: text/html; charset=UTF-8 set-cookie: __cfduid=da05e7b61bda656cd5a25202e1096c6bf1612017760; expires=Mon, 01-Mar-21 14:42:40 GMT; path=/; domain=.bitcoinmagazine.com; HttpOnly; SameSite=Lax; Secure cf-ray: 619bf5f91fb10e2e-IAD age: 513 link: ; rel="https://api.w.org/", ; rel="alternate"; type="application/json", ; rel=shortlink strict-transport-security: max-age=2592000; includeSubDomains vary: Accept-Encoding, Accept-Encoding, Accept-Encoding,Cookie cf-cache-status: HIT cf-apo-via: cache cf-edge-cache: cache,platform=wordpress cf-request-id: 07f5580fb300000e2e3c82a000000001 expect-ct: max-age=604800, report-uri="https://report-uri.cloudflare.com/cdn-cgi/beacon/expect-ct" x-cache: HIT: 3 x-cache-group: iphone x-cacheable: SHORT x-content-type-options: nosniff x-powered-by: WP Engine server: cloudflare Elon Musk Endorses Bitcoin, Price Spikes – Bitcoin Magazine

After Elon Musk, the richest person in the world, changed his Twitter bio to “bitcoin,” attention and the price surged.
Early this morning, Elon Musk, the CEO of SpaceX and Tesla, as well as the richest person in the world, changed his Twitter profile[2] to read “#bitcoin” and tweeted a cryptic message that many in the Bitcoin space interpreted as advocacy for the technology or acknowledgment that his tacit endorsement was bound to happen.

Within minutes of the tweet surfacing, the price of bitcoin climbed sharply. It rose from about $32,000 at the time of the tweet to about $37,500 just an hour later, a 14 percent spike, per TradingView[3]. The BTC price eventually reached a 14-day high of $38,300 on the day. This price gain caused more than $446 million worth of short liquidations across several cryptocurrency exchanges, according to the data aggregator Coinalyze[4].

Commemorating the moment, bitcoin mining pool F2Pool embedded Musk’s message into block 668,197[5].

See Also
Bitcoin Price Analysis
While it isn’t possible to draw a direct line between Musk’s tweet and the rise in bitcoin’s price, it’s clear that it generated major interest. According to Google Trends[6], searches for the word “bitcoin” more than doubled within two hours of the message.
Some have also speculated that the price was moved by Musk himself making a significant investment in bitcoin. Last month, Musk publicly asked Michael Saylor[7] — the

Read more from our friends at Bitcoin Magazine

DigitalCurrency WorldNews 225X113

News Archives