{"id":522,"date":"2021-06-15T06:15:09","date_gmt":"2021-06-15T06:15:09","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=522"},"modified":"2021-08-11T17:29:58","modified_gmt":"2021-08-11T17:29:58","slug":"bitcoin-price-soars-after-elon-musk-recent-tweet","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/06\/15\/bitcoin-price-soars-after-elon-musk-recent-tweet\/","title":{"rendered":"Bitcoin Price Soars Again After Elon Musk\u2019s Recent Tweet"},"content":{"rendered":"\n<p>An Elon Musk tweet in May suggesting Tesla would no longer be taking Bitcoin as payment, sent prices of the cryptocurrency crashing. New data now shows that Bitcoin is staging a comeback and its price could hit $85k soon.<\/p>\n\n\n\n<p>Bitcoin\u2019s price bounceback comes as the price of several leading cryptocurrencies dropped in the last 24 hours.&nbsp;<\/p>\n\n\n\n<p>Ethereum, which set a record price of $4,300 just last month, fell 2.5% to drop below $2,500 and was down more than 7% on Friday morning.<\/p>\n\n\n\n<p>Ripple\u2019s XRP coin, which hit $1.91 recently, dipped 2% to less than 87 cents and is down 10% in a week.<\/p>\n\n\n\n<p>Much of Bitcoin\u2019s price fall was largely influenced by Elon Musk\u2019s tweets and fears around President Biden\u2019s <a href=\"https:\/\/www.uktimenews.com\/biden-to-discuss-role-of-crypto-in-g7-ransomware-attacks-national-security-advisor-says\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">announcement at the G7 Summit<\/a> on how the US will tackle cryptocurrency in relation to recent ransomware attacks. All these, according to DecenTrader, are holding Bitcoin\u2019s price down for now.&nbsp;<\/p>\n\n\n\n<p>After spending almost a month below its 200-day moving average (DMA), Bitcoin, however, seems to be recovering.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/lh4.googleusercontent.com\/Rbr9G5YxacRnpBjCi8kWhgrfcmp_sav6ZmbfpV_XYN-ID_dOzOHq7pYjDM8oU0eO-gIgR-KrcChSd7qS464jPvVJlKIP19Zta3CQNIDg6V5GxhdLAcU2GmSZTxPw8oCnbXGo67hj\" alt=\"Bitcoin\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><\/figure>\n\n\n\n<p><em>\u201cWe received the same signal yesterday, suggesting that $BTC price was oversold relative to active addresses on-chain and could now be ready to bounce back over the coming weeks,\u201d<\/em> an <a href=\"https:\/\/decentrader.com\/market_updates\/market-update-bitcoin-trying-to-turn-around\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">update from DecenTrader<\/a> explained.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/lh5.googleusercontent.com\/MiWqiidSe1GlVvT_E51Rnmt8tyg3pvRJdJW2gk5z0VmFSsmJksOZnuwFqlzibjxo4aKrRlCZhyLVBCJPogghrzRPxsdDiqSONQWwhu8TpiLo-Ts7dviDQgt8G6nl1ydwiecdDPNc\" alt=\"Bitcoin\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><\/figure>\n\n\n\n<p>While there are hopes that Bitcoin will still hit $100,000 this year, it may only be a matter of months before the crypto is back on its feet as its Stock to Flowline currently sits at $85,000.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/06\/14\/beyond-dogecoin-7-popular-cryptos-lower-transaction-fees\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Beyond Dogecoin: 7 Popular Cryptos with Lower Transaction Fees (opens in a new tab)\">Beyond Dogecoin: 7 Popular Cryptos with Lower Transaction Fees<\/a><\/h4>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why\u2019s Bitcoin bouncing back?<\/strong><\/h2>\n\n\n\n<p>One of the reasons has been attributed to Elon Musk\u2019s recent tweet. The Tesla CEO on Sunday tweeted that the electric carmaker will resume allowing Bitcoin transactions when miners who verify transactions use more renewable energy.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin-1024x576.jpg\" alt=\"\" class=\"wp-image-523 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin-1024x576.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin-300x169.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin-768x432.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin-1200x675.jpg 1200w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/06\/Musk-tweet-on-Bitcoin.jpg 1280w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><\/figure>\n\n\n\n<p>The tweet saw Bitcoin\u2019s price surge 9.8% to $39,035.47 on Sunday, adding $3,492.71 to its previous close.<\/p>\n\n\n\n<p>Musk suspended Bitcoin last month due to concerns about fossil-fuel usage for Bitcoin mining and transactions, a decision that saw the world\u2019s biggest and best-known crypto, fall more than 10%.&nbsp;<\/p>\n\n\n\n<p>As history has shown, a Musk tweet can often change momentum and can dominate the narrative for days or weeks. If Musk\u2019s tweets about Bitcoin remain in the positive light, Bitcoin\u2019s price is poised to surge even higher and hit more than the $85k projection mark.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk\u2019s latest tweet on potentially allowing Bitcoin transactions for Tesla sent the currency surging nearly 10%, promising hope for the cryptocurrency.<\/p>\n","protected":false},"author":3,"featured_media":524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[29,30,110],"series":[],"ppma_author":[463],"class_list":["post-522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","tag-bitcoin","tag-cryptocurrency","tag-tesla"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 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