Bitcoin prices climbed above $40,000 on Tuesday, its highest level in more than two weeks, all thanks to a tweet by Tesla’s chief executive Elon Musk. The world’s largest cryptocurrency rose 3.28% to $40,285.66 at 0710 hours IST on June 15 on coinmarketcap.com Index. Tesla CEO indicated on Sunday that the electric carmaker had a plan to resume cryptocurrency transaction in future. The market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy Bitcoin, said analyst.
The recent rally pushed Bitcoin’s market cap up to $754 billion or over 45% of the total cryptocurrency market cap. Bitcoin peers Ether, Tether Binance Coin also rose on Tuesday, extending their rally to a second day.
The crypto world has been under pressure in the last few weeks as Bitcoin had lost about 30% since mid-April. The recent selloff started when China said banks and payment firms were not allowed to offer clients any services involving cryptocurrencies in May. Then, Elon Musk announced that Tesla will no longer allow vehicle purchases using bitcoin due to environmental concerns. Bitcoin plunged by around 10% soon after the tweet.
The prices again boosted at the start of this week with Musk’s announcement on Tesla’s future plan. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Elon Musk wrote while replying to a tweet that had mentioned him as the biggest ‘manipulator’ of Bitcoin.
“Bitcoin witnessed a sharp correction of almost 53% from its peak of $64,899. Post this the asset was consolidating and trading in the ‘Symmetrical Triangle’ pattern. Last week the prices gave a breakout on the downside and made the weekly low of $31,004.95," said ZebPay Trade Desk.
“Technically, on the daily time frame, the asset has made a ‘Dragonfly Doji’ (Trend Reversal) pattern where the lower longer shadow indicates buying at the crucial support level of $31,111 and has started moving upwards since," it added.
Take a look at the top cryptocurrencies and their prices on June 15 (data from coinmarketcap.com while publishing the article):
Bitcoin $40,285.66 3.28% change in 24 hours
Ethereum $2594.88 4.09% change in 24 hours
Binance Coin $371.23 2.29% change in 24 hours
Tether $1.00 0.05% change in 24 hours
Cardano $1.57 1.73% change in 24 hours
Dogecoin $0.327 2.29% change in 24 hours
XRP $0.8816 0.8916% change in 24 hours
Polkadot $25.29 15.87% change in 24 hours
USD Coin $1 0.04% change in 24 hours
Uniswap $24.27 5.38% change in 24 hours