Bitcoin Jumps Again: Elon Musk, the CEO of Tesla, tweets

Tesla will begin accepting Bitcoin jumps again “when there is confirmation of fair (50 percent) renewable energy usage by miners with a favourable future trend,” he said in a tweet on Sunday.

Musk’s latest tweet on Tesla possibly permitting Bitcoin jumps again and transactions pushed the currency up nearly 10%. Elon Musk, the CEO of Tesla Inc, announced on Twitter that the electric carmaker will restart accepting Bitcoin transactions after miners who verify transactions utilize more sustainable energy.

Tesla will begin accepting Bitcoin jumps again “when there is confirmation of fair (50 percent) renewable energy usage by miners with a favourable future trend,” he said in a tweet on Sunday.

Bitcoin peaked once again on Sunday

On Sunday, bitcoin jumped 9.8% to $39,035.47, gaining $3,492.71 over its previous closing. Musk’s tweet was in response to a piece in Cointelegraph that quoted Magda Wierzycka, executive chair of South African asset manager Sygnia, as suggesting that Musk’s recent statements on Bitcoin should have provoked a US Securities and Exchange Commission probe.

Bitcoin, the world’s largest and most well-known cryptocurrency, is up 40.7 percent from its January 4 low of $27,734. As of 7 a.m. in Hong Kong on Monday, it was down about 1% to $38,881. (23:00 GMT on Sunday).

On Sunday, Ether, the cryptocurrency tied to the Ethereumblockchain network, jumped 7% to $2,532.77, up to $165.77 from its previous closing.

Musk also revealed that Tesla sold roughly 10% of its Bitcoin assets to ensure that the cryptocurrency could be unloaded quickly and without causing a market reaction.

‘Positive momentum’

According to Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, “the tweet added to positive momentum as Elon’s posture appears to be relaxing and providing a target that’s not far away.” The bitcoin jumps again was already underway, with the market speculating on an impending MicroStrategy takeover and the G-7’s statements on crypto being neutral, if not bullish, about digital innovation.

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MicroStrategyInc, whose CEO Michael Saylor has been an outspoken proponent of Bitcoin, increased the size of a junk-bond sale for the purpose of buying the cryptocurrency to $500 million from $400 million last week. In recent months, Musk has whipped sawed Bitcoin and other digital assets.

Tesla said in February that it had purchased $1.5 billion in Bitcoin and that it would begin taking Bitcoin as payment for vehicles. You may now buy a Tesla using Bitcoin, Musk tweeted in March, only to announce in May that the practice had been suspended due to worries over the use of fossil fuels for Bitcoin mining and transactions.

After that tweet, bitcoin dropped by more than 10%

As Wierzycka’s reported comments show, the U-turn has been divisive, partly because Tesla and Musk’s actions have had a notable impact on bitcoin’s price. While there are other aspects to consider, such as institutional adoption and diversity on the positive side, and sustainability and regulatory concerns on the negative side, a Musk tweet can often shift the narrative and dominate it for days or weeks.

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Bitcoin is a virtual currency that reached a high level of fame and prosperity when it reached a price of $ 13,000 in early 2018 and Today Bitcoinjumps again. And it was a combination of creativity, overcoming legal barriers and overcoming intermediaries in various financial and banking affairs that made financial transactions possible at the international level.Therefore, in the short time of his emergence, he was able to attract a lot of attention.