Elon Musk's tweet brings Bitcoin to nearly $ 40.000

Elon Musk's tweet brings Bitcoin to nearly $ 40.000 - GettyImages 1229893337 scaled 1 1024x696Tweets from Tesla boss Elon Musk sent Bitcoin "to the moon" for just under $ 40.000. Musk, who has dismissed criticism of his influence on the market, said his company has been selling bitcoin but could resume transactions with the world's largest cryptocurrency.

Bitcoin has revolved around Musk's views for months since Tesla announced the purchase of $ 1,5 billion bitcoin in February and said it would accept cryptocurrency as a form of payment for its electric cars. He later stated that he would not accept bitcoin due to concerns about the currency's high energy consumption and its contribution to climate change.

Constant changes of position

"When there is confirmation of reasonable (~ 50%) use of clean energy by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter.

Bitcoin rose more than 9% after that message, surpassing its 20-day moving average, and rose a little more in Asia to hit $ 39.838,92.

"The market went through another round of correction over the weekend ... until Elon Musk's tweet of accepting BTC again for Tesla's purchases changed the sentiment," said Bobby Ong, co-founder of the website. CoinGecko cryptographic analysis.

Additionally, the market was also supported by software company and major bitcoin backer MicroStrategy which raised half a billion dollars to buy bitcoin.

Bitcoin has grown about 33% this year, but has plummeted from a record high above $ 60.000 due to a regulatory crackdown in China and Musk's seemingly faltering enthusiasm. The actions of Telsa (Tesla shares - TSLA ticker) have fallen by about 30% since the company's bitcoin purchase.

Is Musk really capable of manipulating the markets?

Musk's tweet was made in response to an article based on remarks by Magda Wierzycka, head of cybersecurity firm Syngia, who accused him of "price manipulation" in a radio interview last week in a radio interview last week. "Big part" of his exhibition.

"This is inaccurate," Musk said. "Tesla only sold ~ 10% of the holdings to confirm that BTC could easily be liquidated without moving the market."

Musk tweeted in May that Tesla "will not sell bitcoin" and "has not sold bitcoin," but investors are eagerly awaiting Tesla's next earnings update - scheduled for next month - for any disclosure of changes to its position.

Musk disputed the vast computing power required to process bitcoin transactions and in early June posted messages that appeared to be complaining about a bitcoin breakup.

Other cryptocurrencies remained stable after the weekend's gains, with ether at $ 2.491 and Musk's dogecoin reaching around 32 cents on cryptocurrency exchange Binance.