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Early this morning, Elon Musk, the CEO of SpaceX and Tesla, as well as the richest person in the world, changed his Twitter Profile to read “#bitcoin” and tweeted a cryptic message that many in the Bitcoin space interpreted as pleading for the technology or acknowledging that its tacit approval was inevitable.
A few minutes after the tweet was published, the price of bitcoin has risen sharply. It went from around $ 32,000 at the time of the tweet to around $ 37,500 an hour later, a peak of 14% by TradingView. The price of BTC finally hit a 14-day high of $ 38,300 on the day. This price gain has caused more than $ 446 million in short-term liquidations on several cryptocurrency exchanges, according to data aggregator Coinalyze.
To commemorate the moment, the F2Pool bitcoin mining pool integrated Musk’s message into block 668.197.
While it is not possible to draw a direct line between Musk’s tweet and the rise in the price of bitcoin, it is clear that there has been significant interest in it. According to Google Trends, searches for the word “bitcoin” more than doubled within two hours of the post.
Some have also speculated that the price was changed by Musk himself, making a significant investment in bitcoin. Last month, Musk publicly asked Michael Saylor – the CEO of MicroStrategy who embezzled millions of dollars in bitcoin cash assets – on the feasibility of making large Bitcoin transactions.
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