Bitcoin Surges to $37K After Elon Musk Adds Crypto to Twitter Bio

Bitcoin Surges to $37K After Elon Musk Adds Crypto to Twitter Bio

Blockchain Featured Technology
January 29, 2021 by Kofi Ahmed
229
Bitcoin witnessed a sudden double-digit spike to 10-day highs on Friday.
Bitfcoin Surges

The top cryptocurrency picked up a bid near $32,000 at around 08:30 UTC and jumped to $37,050, the highest level since Jan. 19, according to CoinDesk 20 data. The 15.7% rise happened in less than 15 minutes and more than reversed the early dip from $34,400 to $32,000.

While the exact reason for the bullish move is hard to define, prices surged after Tesla and SpaceX CEO Elon Musk changed his Twitter bio to mention the cryptocurrency. While the bitcoin (BTC, +17.14%) community is keen for Musk to come out as a supporter, he seemingly enjoys dropping crypto mentions as something of a tease.

Whether bitcoin’s rise will continue isn’t certain. Blockchain analytics firm CryptoQuant’s “Exchange Whale Ratio,” calculated by dividing the top 10 bitcoin inflow transactions in an hour by total exchange inflows, jumped to an eight-month high of 0.88 early Friday, warning of a possible price drop.

However, “Elon’s tweet overrides all other bearish signals,” Ki-Young Ju, CEO of blockchain analytics firm CryptoQuant tweeted.

Reflecting Musk’s huge social media influence, Google searches for “bitcoin” surged following his bio change.

Google searches for the term “bitcoin.”

The latest price rise marks an upward break of the recent $30,000 to $35,000 trading range. As such, more chart-driven buying may be seen. The cryptocurrency is currently trading near $36,100.

Source: Coindesk

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