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Bitcoin hit a two-week peak at just under US $ 40,000 on Monday, after another weekend of backlash to tweets from Tesla boss Elon Musk, which fended off criticism of his influence in the market and said Tesla had sold bitcoin but could resume transactions using it.
Bitcoin has been on Musk’s view for months since Tesla announced a $ 1.5 billion bitcoin purchase in February and said it would take cryptocurrency as payment. He later said the electric car maker would not accept bitcoin over concerns over how mining for currency requires high energy consumption and contributes to climate change.
“When there is confirmation of reasonable (around 50%) clean energy use by miners with a positive future trend, Tesla will resume allowing bitcoin transactions,” Musk said on Twitter on Sunday.
The market had gone through another round of fixes over the weekend… until Elon Musk’s tweet about accepting BTC again…
Bitcoin rose more than 9% after this post, surpassing its 20-day moving average, and it climbed a little further in Asia to reach $ 39,838.92.
“The market had gone through another round of corrections over the weekend… until Elon Musk’s tweet to again accept BTC for Tesla purchases changed sentiment,” said Bobby Ong, co -Founder of the CoinGecko crypto analysis website.
He said the market was also supported by software company and main bitcoin funder MicroStrategy, which raised half a billion dollars to buy bitcoin.
Up 33%
Bitcoin rose about 33% this year, but collapsed after peaking above $ 60,000 amid a regulatory crackdown in China and Musk’s seemingly faltering enthusiasm for it. Telsa’s shares are down about 30% since the company bought bitcoin.
Musk’s tweet was made in response to an article based on remarks by Magda Wierzycka, director of South African asset manager Sygnia, who, in a radio interview last week, accused him of “manipulation. prices ”and sell a“ large part ”of its exhibition.
“This is incorrect,” Musk said. “Tesla only sold around 10% of the holdings to confirm that BTC could be liquidated easily without moving the market.”
Elon musk
Musk had tweeted in May that Tesla “will not sell any bitcoin” and “will not sell any bitcoin”, but investors are eagerly awaiting Tesla’s next earnings update – scheduled for next month – for any disclosure of changes in his position.
Musk took issue with the vast computational power required to process bitcoin transactions, and in early June posted messages appearing to bemoan a break with bitcoin.
Other cryptocurrencies were flat after the weekend’s gains, with ether at $ 2,491 and a darling Musk dogecoin buying around $ 0.32 on the Binance crypto exchange. – Reported by Tom Westbrook, (c) 2021 Reuters
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