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Al-Marsad Journal – Agencies: Bitcoin cryptocurrency rose 7% above $ 40,000 in trading on Saturday, approaching its highest level on record last January at $ 42,000.
The price of the cryptocurrency has exceeded 40.85 thousand dollars. The latest jump comes after another volatile week in the cryptocurrency markets, marked by Elon Musk’s support for bitcoin, as well as a record rise in the second largest cryptocurrency, Ether.
This isn’t the first time Musk has spoken openly about his interest in cryptocurrencies, as he previously mentioned that Bitcoin and cryptocurrencies in general should be used in electronic payments.
Shares of cryptocurrency-related companies also rose after Musk’s tweet, with Marathon Patent shares rising about 20% in pre-opening US market negotiations.
Tweets from US business mogul Elon Musk have sparked record highs for shares of some companies in recent days, including Gamestop, which has sparked much controversy in recent days, with a violent wave of speculation on the action which caused record highs for the stock and heavy losses for hedge funds.
India intends to enact a law banning private cryptocurrencies like Bitcoin in the country and is working to provide a framework for the creation of an official digital currency during the current budget session of Parliament.
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