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Bitcoin rose after Elon Musk's tweet


January, 29 2021
watermark Economic news

According to the trading data, the growth of bitcoin on Friday accelerated sharply, exceeding the $38 mark. The growth driver was the publication of Elon Musk on his Twitter page, where the entrepreneur mentioned bitcoin, adding the hashtag «bitcoin».


Also, the head of Tesla and SpaceX wrote a separate message: «In retrospect, it was inevitable.»


As a result, the rate of the first cryptocurrency immediately skyrocketed from $32 thousand to $38 thousand, stabilizing slightly during the day at $37 thousand.Thus, in about an hour, the price of bitcoin increased by more than 17%.


A few days earlier, Elon Musk «boosted» another cryptocurrency – previously little-known Dogecoin. It skyrocketed in value by more than 800% after Musk's «joke» mention on his Twitter account.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.