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Bitcoin Rises Above $39,000 After Elon Musk's Tweet. Check Ether, Other Cryptocurrency Prices

Last week, El Salvador became the first country in the world to approve Bitcoin as a legal tender

Last week, El Salvador became the first country in the world to approve Bitcoin as a legal tender

Bitcoin was trading at $39,209.54 at 0720 hours IST on Monday on coinmarketcap.com Index, up 9.60% on a day

Bitcoin jumped above $39,000 after Tesla boss Elon Musk had said that the electric carmaker will restart transactions with the cryptocurrency when mining is done with more clean energy. Bitcoin was trading at $39,209.54 at 0720 hours IST on Monday on coinmarketcap.com Index, up 9.60% on a day. It was the largest one-day percentage gain since June 9.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," the celebrity CEO tweeted after Sygnia chief executive had criticised Musk for ‘manipulating bitcoin price.’ Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.

The recent jump pushed Bitcoin’s market cap up to $733 billion or over 45% of the total cryptocurrency market cap. The popular cryptocurrency gained nearly 7% over the last seven days. However, Bitcoin is still down nearly 40% from its all-time high of $64,778.04 on April 14.

Ether, Binance Coin also climbed on June 14. While Ether rose 3.83% to $2502.70, Binance Coin was up by 4.69% at $365.26.

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Take a look at the top cryptocurrencies and their prices on June 14 (data from coinmarketcap.com while publishing the article):

Bitcoin $39,209.54 9.6% change in 24 hours

Ethereum $2502.70 3.83% change in 24 hours

Binance Coin $365.26 4.69% change in 24 hours

Tether $0.999 0.14% change in 24 hours

Cardano $1.56 4.28% change in 24 hours

Dogecoin $0.3251 3.48% change in 24 hours

XRP $0.8816 5.10% change in 24 hours

Polkadot $22.09 4.88% change in 24 hours

USD Coin $0.9998 0.14% change in 24 hours

Uniswap $23.01 6.15% change in 24 hours

Last week, El Salvador became the first country in the world to approve Bitcoin as a legal tender. “With 62 votes, the legislative plenary session approves the #LeyBitcoin with which El Salvador adopts the #Bitcoin as legal currency," El Salvador President Nayib Bukele said. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country," El Salvador President added. “The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction," he added.

Blockchain Implementation Specialist Martijn Bolt predicted that “El Salvador will turn into a financial power house of the future".

The Enforcement Directorate (ED) issued a show cause notice to WazirX, the largest crypto exchange in India for transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). ED initiated the investigation on the basis of an ongoing money laundering probe into Chinese-owned “illegal" online betting applications, law enforcement agency said.

“WazirX is in compliance with all applicable laws. We go beyond our legal obligations by following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and have always provided information to law enforcement authorities whenever required," Nischal Shetty, WazirX chief executive said.

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first published:June 14, 2021, 07:30 IST