Bitcoin jumped as much as 14% on Friday, touching its highest for 10 days, with traders citing a move by Tesla CEO Elon Musk mentioning the cryptocurrency in his bio page on Twitter.
The largest cryptocurrency rallied above $36,000, with brokers attributing the move to Elon Musk tagging the cryptocurrency in his Twitter biography.
Bitcoin spiked about 15% within minutes as the London trading day got underway. On the day, Bitcoin hit as high as $37,060 and was last up 10% at $36,711.
The popular tech entrepreneur and Tesla CEO wrote simply “#bitcoin” in his biography on the social media site with no further explanation.
View Full Image
The billionaire entrepreneur, followed by 43.7 million on Twitter, has a record of making market-moving comments on the site.
Earlier in the day, Musk also sparked a massive rally in Dogecoin after tweeting an image of a “Dogue” magazine cover featuring a whippet in a red outfit. The digital coin originally created as a joke is up about 300% in the last 24 hours, according to CoinMarketCap data.
Separately, Eric Peters of One River Asset Management told Bloomberg that his hedge fund’s holdings of digital assets has exceeded $1 billion, adding that institutional adoption of crypto assets — which played a large role in Bitcoin’s rally this past year — is only expanding. Bridgewater’s Ray Dalio called the coin “one hell of an invention,” adding that the firm is considering cryptocurrencies for two new funds.
“$30,000 is key support and there appears to be a rising wave of institutional interest buying all dips,” said Mike McGlone, Bloomberg Intelligence commodity strategist.