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Market Musings

How One Hashtag Caused Bitcoin to Surge By Thousands of Dollars in Minutes

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Published on:
January 29, 2021

Elon Musk has sneakily slipped #bitcoin into his Twitter bio.

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First, there was GameStop. A 2,700% rise in the space of a month. Okay.

 

Then, there was Dogecoin. Up 400% in 24 hours? Yeah, sure.

 

And now, we have Bitcoin. Elon Musk has sneakily slipped #bitcoin into his Twitter bio — and in the space of 30 minutes, BTC’s price leapt up by more than $3,000.

 

It’s official: the markets have gone insane.

 

Musk turned into a cryptic crossword after updating his bio, tweeting: “In retrospect, it was inevitable.”

 

The Tesla CEO has found it hard to conceal his anger over the battle that’s been going on between retail traders and the hedge funds shorting GameStop.

 

In no uncertain terms, Musk described shorting as a scam in a recent tweet, writing:

“u can’t sell houses u don’t own
u can’t sell cars u don’t own
but
u *can* sell stock u don’t own!?
this is bs – shorting is a scam” 

Musk’s endorsement has helped BTC pull away from $30,000, after spending several days on the brink of slipping into the $20,000s.

 

What remains to be seen is whether this sudden spike will endure, and whether this could renew interest among institutional investors who are widely seen as crucial in helping BTC retake all-time highs above $42,000.

 

All this volatility in the markets is enough to make your head spin.

 

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Decentralized Dog

I'm just your average dog... Only decentralized; also... I'm not your average dog.

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