Elon Musk Drives Bitcoin Past 37k Dollars by Just Adding the Crypto to his Bio

By: Dickson Arinze

January 29, 2021 3:36 PM

They could be something cooking under that we don't know about, but immediately Musk adds "#Bitcoin" to his Bio, Bitcoin witnessed a sudden spike to 10-day highs on Friday.

At the time the largest cryptocurrency Bitcoin was trading around $32,000 at 08:30 UTC and jumped to $37,050, its highest level since Jan. 19, according to CMC data. Gaining over 15% under 15 minutes.

Still difficult to figure out the reason for a sudden bullish move, the price surged after Tesla CEO Elon Musk updated his Twitter bio adding the "#bitcoin" to it, the crypto community has been calling on Musk to convert some of Tesla and SpaceX balance sheet into bitcoin. This mention could just be a tease or a hint of something larger cooking under.

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.

Nonetheless, “Elon’s tweet overrides all other bearish signals,” according to Ki-Young Ju, CEO of blockchain analytics firm CryptoQuant

The latest price rise marks an upward break of the recent $30k to $35k trading range. As such, more chart-driven buying may be seen. The cryptocurrency is currently trading near $38k