Bitcoin rose more than 12% after Elon Musk changed his bio on Twitter to „#bitcoin“.
This skyrocketing comes as the stock prices of GameStop (GME) and Dogecoin (DOGE) register huge rises fueled by the community of r / wallstreetbets on Reddit.
After days of consolidation, Bitcoin bulls appear to be back.
Bitcoin’s price rose 12% after Tesla CEO and world’s richest man Elon Musk changed his bio on Twitter to write “#bitcoin”.
Elon Musk welcomes Bitcoin bulls
Tesla CEO and World’s Richest Man Elon Musk sparked a spectacular Bitcoin (BTC) rally today after changing his Twitter bio to “#bitcoin”.
The price of the main cryptocurrency on the market rose more than 12% within 30 minutes of the switch. Musk himself followed suit, tweeting “Come to think of it, it was inevitable”.
The CEO of Tesla is best known for posting a tweet from time to time about the popular digital currency in the memes world ( DOGE ), which earned him the honorary title of CEO of Dogecoin. His last tweet on the DOGE was posted on Christmas Day, which caused the price to skyrocket.
Some are speculating that Tesla might consider adding cryptocurrency to its treasury, which would likely spark another rally in Bitcoin. At the time of this article’s layout, BTC is trading at around $ 37,300.
Social media week
When it comes to social media and investment markets, this week was unlike any other.
Reddit users of the popular r / wallstreetbets subreddit have come together to support video game distributor GameStop (GME). Elon Musk also posted a tweet about it recently.
The trading activity fueled by Reddit looked a lot like the early days of Bitcoin, when forums like bitcointalk dominated the space.
Several large funds saw an opportunity to short sale
The expression „shorting bitcoins“ (in English „shorting“ or „short“) is widely used by traders, and just …
on the GME, but Reddit users reversed their position. Some of these funds therefore left their positions with a massive loss.
The effect of this “victory” against Wall Street players then spilled over into the cryptocurrency markets. This time, Reddit users took to the DOGE, pushing it up from $ 0.007 to an all-time high of $ 0.07797. This represents a remarkable increase of over 1000% in less than 36 hours.
The future is bright
Indeed, Musk’s tweets may mark a pivotal moment for Bitcoin. The top cryptocurrency consolidated at around $ 32,000 all week, briefly dropping below the $ 30,000 mark on Wednesday.
Even though institutional investors continued tobuy bitcoins
Bitcoin, or BTC, is considered dangerous for those unfamiliar with the space. But, just like the myths according to …
, many in the cryptocurrency community thought a further correction could ensue before any rally.
However, as is usually the case with BTC, unexpected support could have triggered a course change. Bitcoin bulls are back, and Elon Musk could now be one of them.