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Elon Musk Sends Bitcoin Soaring Above $38,000

January 29, 2021 at 14:29 by Mark Stevenson

On Friday, January 29, Bitcoin (BTC) trading pair briefly jumped almost 20% to $38,200 in just an hour. At the time of writing, however, the price of Bitcoin was trading $38,106 on Bitstamp.

Notably, this abnormal jump in Bitcoin price has already led to the elimination of $838 million in shorts on a daily basis.

Source: bybt.com

Most of the shorts were liquidated on Binance ($335 million), Huobi ($159 million), and OKEx ($21 million).

Elon Musk behind Bitcoin massive rally

Many in the cryptocurrency community agree that Elon Musk, the founder of Tesla and SpaceX is indirectly behind the pump. After the richest man in the world updated his Twitter bio on January 29 — by simply adding the hashtag “#bitcoin” — the premier cryptocurrency surged 13%.

Source: twitter.com

Anthony Trenchev, the co-founder of the Nexo cryptocurrency loan service, shares the same opinion. In an interview with Bloomberg, Trenchev stated that Musk’s support creates “a safe haven for small companies and possibly all S&P 500 participants to invest in Bitcoin.” He added:

Obviously, this huge leap is associated with Ilon’s tweet.

The capitalization of Bitcoin against the background of the rally jumped from $599 billion to $696 billion. However, the head of Tesla and SpaceX himself is not far from the cryptocurrency market. In May 2020, Musk admitted that he owns 0.25 BTC.

If you have any questions and comments on Bitcoin today, use the form below to reply.

2 Responses to “Elon Musk Sends Bitcoin Soaring Above $38,000”

  1. Colin

    What are his motives though? I know he was also heavily involved in doge pumps just by his tweeting of memes. One thing is for sure he’s worth a follow

    [Reply]

    Andriy Moraru Reply:

    Perhaps he’s a secret hodler, perhaps he does that just for lulz, perhaps he’s testing his ability to manipulate Twitter crowds. Who knows?

    [Reply]

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