Bitcoin jumps after Musk said Tesla could use it again

Bitcoin hit an embarrassing two-week high of just $ 40,000 on Monday, after another weekend in response to tweets from Elon Musk

Bitcoin will reach a peak of $ 40,000 (33,000 euros) on Monday after another weekend, responding to tweets from Tesla CEO Elon Musk, who fended off criticism of its impact on the market and said: Tesla has sold one bitcoin, but it is possible to continue the offer.

Bitcoin has been hovering around, Musk’s gaze, for months, ever since Tesla announced a $ 1.5 billion sale of bitcoin in February and said it could be a payment cryptocurrency. Later, he stated that the electric car manufacturer does not accept BTC with concerns about how coin mining requires high energy consumption and contributes to climate change.

“If there is confirmation of a reasonable (~50%) and clean energy use in the future of a positive trend, Tesla will have to resume performing BTC transactions,” Musk said on Instagram on Sunday.

Bitcoin rose more than 9 percent after this news, thereby breaking above the 20-day moving average, and then, rose slightly in Asia, reaching $39,838. 92.

Bitcoin falls to $34,156

“The market was already busy with another round of adjustment over the weekend in Elon Musk’s Twitter post, the party BTC back to buy Tesla changed the mood,” said Bobby Ong, co-founder of crypto analytics side CoinGecko.

He said the market is also being supported by the software company and the main sponsor of bitcoin MicroStrategy to raise more than half a billion dollars to buy a single bitcoin.

Bitcoin is up about 33% this year. but it fell to an all-time high above $ 60,000 in the middle of a regulatory crackdown in China, and Musk seems to have slowed enthusiasm for it. Telsa’s stock is down about 30 percent since the company bought BTC.

Musk’s tweet came in response to an article based on observations by Magda Verzicki, head of cybersecurity firm Syria, who in a radio interview last week accused him of “manipulating prices and selling a significant portion of the exposure.

“That’s bad,” Musk said. “Tesla has only sold about 10% of the companies that need to confirm that BTC can be easily disposed of and does not move the market.”

In May, Musk tweeted that Tesla is “not in the business of selling bitcoin” and “hasn’t sold a single bitcoin,” but investors are looking forward to its next earnings update, due next month, before noticing any change in that stance.

Musk was faced with the problem of the huge resources needed to process bitcoin transactions, and in early June published a message in which mourning appears due to the break with bitcoin.

Other cryptocurrencies were stable after rising over the weekend, with ether costing $2,491 once, Musk and dogecoin buying about 32 cents on the Binance crypto exchange.

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