‘Moon coming soon’ – Cryptic Elon Musk spurs Bitcoin as price suddenly explodes to $ 60,000 and Ethereum hits fresh high

Bitcoin suddenly rose higher and rose sharply above $ 60,000 per bitcoin for the first time since mid-March.

The bitcoin price reached a high of $ 61,222 on the Bitstamp stock exchange in Luxembourg before falling slightly, a 5% increase over the past 24 hours. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin, rose to a fresh everyday high above $ 2,100.

The exact cause of the early Saturday morning rise in bitcoin was not immediately clear, but a cryptic tweet from Tesla

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Billionaire and bitcoin buyer Elon Musk has pushed the $ 2 trillion cryptocurrency market higher.

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“… is going to the moon soon,” Musk said Twitter, shortly after the bitcoin price jumped, and perhaps the reference to the popular “bitcoin to the moon” meme and the speculation of Musk’s rocket company SpaceX could follow Tesla to add bitcoin to its balance sheet.

“Buy SpaceX bitcoin?” asked Danny Scott, CEO of bitcoin and cryptocurrency exchange CoinCorner on Isle of Man, in response to Musk’s tweet.

Late last year, Elon Musk set the bitcoin and cryptocurrency market on fire when he tweeted about the possibility of making large bitcoin purchases. In the following weeks, Tesla added $ 1.5 billion of bitcoin to its balance sheet.

Meanwhile, Musk kept talking about his “fav” cryptocurrency on Twitter, the ‘joke’, bitcoin rival dogecoin. On April 1, Musk said that his private rocket company SpaceX would place a ‘dogecoin on the literal moon’ – which would increase the price of the meme-based cryptocurrency by 35%.

The bitcoin price has doubled so far in 2021 and has risen from just under $ 30,000 per bitcoin. The broad cryptocurrency range has more than doubled the total crypto market and reached a combined value of more than $ 2 trillion, with etherum rising by 1,200% over the past 12 months.

Ethereum has skyrocketed after embarking on a long-awaited upgrade, and has been bolstered by the growth of decentralized finance (DeFi) – which uses cryptocurrency technology to reinvent traditional finance, primarily on the Ethereum blockchain.

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Bitcoin’s massive rally kicked off by PayPal news

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will start supporting bitcoin and a handful of other cryptocurrencies in October, increasing the pace as the long-awaited institutional adoption of bitcoin and cryptocurrencies began to materialize.

Bitcoin has also grown its reputation as ‘digital gold’ in recent years, thanks to well-known investors, including Paul Tudor Jones, who calls it a hedge against inflation.

“Until recently, established brokers, advisers and banks wrote off crypto as ‘too volatile’ – as with domestic technology brands 20 years ago, and did not recognize it as a legitimate asset class in investor advice,” Stephen said. said. Kelso, head of capital markets at ITI Capital, said in an email.

“Now we are seeing a dramatic change in the approach of asset and wealth managers, who are increasingly advising their clients that bitcoin is a preferred investment over gold.”