Elon Musk “overclocked” Bitcoin to $ 37,000 with a mention on his Twitter

Tesla CEO Elon Musk changed his Twitter profile description to one word: #Bitcoin. After that, Bitcoin grew by 20% and returned to $ 37,000.

On the morning of January 29, Bitcoin traded at $ 32,000 and began to rise sharply around noon, breaking the $ 37,000 mark. According to CoinmarketCap, the price of BTC rose by more than 20% per day.

The likely reason for this jump was one word from Tesla and SpaceX CEO Elon Musk. He changed his Twitter profile description to one word – bitcoin. Musk also wrote :

“Looking back, it was inevitable.”

However, the action of the “Musk factor” may be short-term. CryptoQuant’s whale-on-the-stock ratio jumped to an eight-month high of 0.88. The ratio is calculated by dividing the ten largest BTC transactions that enter exchanges within an hour by the total BTC inflow. This means that large holders have started putting BTC on exchanges for trading.

CryptoQuant CEO Ki-Young Ju warned that such dynamics could indicate a possible drop in the price of bitcoin. However, he  wrote that “Elon Musk’s tweet overlaps all other bearish signals.” Now Bitcoin continues  to trade for about $ 37,000.

Recall that in December, Elon Musk ‘s tweets caused Dogecoin to grow by 30%.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts

Bitcoin Sets Fresh Record Above $50,000


BTC miners earned more than $ 4 million per hour amid growing fees and BTC rate


Tesla bought $1.5 billion in Bitcoin, expects to begin accepting it as a form of payment


Jack Dorsey echoed Hal Finney's historic tweet and launched a full Bitcoin node

Sign up for our newsletter and stay informed

0 0 vote
Page Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x