Elon Musk Tweet Sparks New Surge In Bitcoin Price

Elon Musk Tweet Sparks New Surge In Bitcoin Price. image: Twitter

Elon Musk Tweet Sparks New Surge In Bitcoin Price.

BITCOIN price surged by around 10% after Elon Musk’s latest tweet concerning the world’s most popular cryptocurrency.

The multi-billionaire today tweeted an update about the future of Tesla and whether or not it would accept payments using the virtual currency ever again. Mr Musk said Tesla will begin accepting payment using Bitcoin when cryptocurrency mining becomes less environmentally damaging.

It wasn’t long after the Tesla CEO’s comments that Bitcoin’s price jumped up more than $3,000- €2,470 in a few short hours.

The price had been hovering around $35,000- €28,917 before Mr Musk’s tweet, but within 30 minutes began to surge again. Three hours later and the Bitcoin price hit a peak of $39,360- €32,517, according to data from CoinDesk.

The latest development marks yet another example of large market moves following comments by the Tesla CEO and billionaire.

In May this year, hundreds of billions of dollars were wiped off the cryptocurrency market after Musk tweeted about Tesla’s suspension of car purchases using bitcoin. Musk’s past tweets have also been linked to moves in the stock market — ranging from so-called meme stocks such as GameStop, to the investor of viral song “Baby Shark.”

The environmental impact of bitcoin mining has come under intense scrutiny as of late. As part of its crackdown on bitcoin, China’s Inner Mongolia region — a major bitcoin mining hub — in late May proposed punishments for companies and individuals involved in digital currency mining.

It came after Chinese Vice Premier Liu He said it is necessary to “crack down on Bitcoin mining and trading behaviour” to prevent the “transmission of individual risks to the social field.”

Elsewhere, Iran’s government in announced in May a ban on the mining of bitcoin and other cryptocurrencies until Sept. 22, after officials said blackouts in the country’s capital of Tehran and several other large cities were in part due to the energy-intensive activity.

Thank you for taking the time to read this article, please remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories.

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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.