Bitcoin Surges to $37K After Elon Musk Adds Crypto to Twitter Bio

0
79

Bitcoin saw a sudden double-digit surge to 10-day highs on Friday.

The top cryptocurrency picked up a bid near $ 32,000 around 08:30 UTC and climbed to $ 37,050, the highest since Jan 19, according to CoinDesk 20. The 15.7% increase came in less than 15 minutes and more than reversed the early decline from $ 34,400 to $ 32,000.

While the exact reason for the uptrend is difficult to define, prices rose after Tesla and SpaceX CEO Elon Musk changed his Twitter bio to mention the cryptocurrency. While the Bitcoin community is interested in Musk appearing as a backer, it seems he seems to be enjoying dropping crypto mentions as a kind of joke.

Around the time he changed the biography, Musk also cryptically tweeted:

It is not certain whether the rise in Bitcoin will continue. The “Exchange Whale Ratio” of the blockchain analysis firm CryptoQuant, calculated by dividing the top 10 Bitcoin inflow transactions in one hour by the total exchange inflows, rose to an eight-month high of 0.88 early Friday, warning of a possible price decline.

“Elon’s tweet overrides all other bearish signals, however,” tweeted Ki-Young Ju, CEO of blockchain analysis company CryptoQuant.

The recent price hike marks an upward trend in the recent trading range of $ 30,000 to $ 35,000. As such, a more chart-driven purchase can be seen. The cryptocurrency is currently trading near $ 36,100.