Bitcoin tops $40,000 after Musk tweets Tesla could use it again

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Bitcoin tops $40,000 after Musk tweets Tesla could use it again

Bitcoin, the original cryptocurrency, had surpassed a $40,000-mark again on Monday, hitting a two-week peak following another weekend of sharp upward spiral, as Tesla Inc Chief Elon Musk had repelled criticisms over his growing crypto market influence and said that the Californian e-vehicle mogul might accept Bitcoin as a payment method again.

In point of fact, Bitcoin prices had circled over and over again on Musk’s remarks since Tesla Inc. had purchased $1.5 billion worth of bitcoin on February this year, while the e-vehicle industry trailblazer’s earlier move to accept payment in bitcoin had soared the digital currency to an all-time high above $60,000.

However, Musk tweeted last month that the world’s largest automotive giant by market valuation, would no longer accept Bitcoin as a payment method citing the extent of electricity bitcoin miners were consuming, which eventually led to a sharp decline in Bitcoin’s prices over recent weeks.

Aside from that, an ongoing crack-down on Bitcoin mining in China had added to further holocaust. Nevertheless, Bitcoin, the most popular digital currency, skyrocketed more than 10 per cent over the weekend after Musk had said in a tweet that Tesla would resume Bitcoin as a payment method when there would be confirmation of reasonable use of clean energy by the bitcoin miners.

Besides, Musk had also fended off allegations to manipulate crypto asset markets and said that Tesla Inc had sold off only 10 per cent of its Bitcoin assets to monitor the scale of crypto market fluctuation, adding to further bullish wave on investors’ sentiment.

Bitcoin surges again after Musk’s remarks

Citing statistics, Bitcoin, which had climbed over 10 per cent on Sunday, brushing aside its 20-day moving average that could signal an action potential for further spikes on a technical viewpoint, added another 4.3 per cent on Monday to wind down the day at 40,629.27, remarking an expedition above a $40,000-mark for the first time in two weeks.

Bitcoin has been up about 40 per cent this year, while Tesla Inc stocks fell more than 30 per cent since its purchase of $1.5 billion worth of Bitcoins on February this year.