Elon Musk previously tweeted about Dogecoin (DOGE), and the “meme coin” spiked in a matter of hours, recording unprecedented rises for the crypto. It isn’t unusual to have famous people, billionaires, and scientists triggering positive sentiment and causing rises in the cryptocurrency market, which was also the case with DOGE. Musk is also a well-known supporter of crypto, and his latest tweet from several days ago also made a major wave in the price of Bitcoin. Bitcoin reached a new ATH, at the time trading at 48,000$, which happened after Musk tweeted about Bitcoin after having invested in Bitcoin through his company, Tesla.
Elon Musk and Bitcoin: Tesla Invests 1.5 Billion Dollars in Bitcoin
Elon Musk tweeted about BTC, the top crypto, also announcing that his company, Tesla, invested 1.5 billion dollars in Bitcoin, which caused BTC to spike and reach a new ATH. Such an investment influx in BTC caused a major price momentum that took BTC to new high prices. Even though the crypto is now trading below its ATH at 44,000$, the top crypto recorded nearly 30% of gains for the week. Tesla updated the investment policy of the company, which is how Musk decided to invest the company’s funds that are not being used on a day-to-day basis in an asset that can maximize profits – Bitcoin. Soon, Tesla will also introduce a new payment method for clients and buyers, which means that Tesla products will soon be available for purchase in exchange for Bitcoin.
Bitcoin (BTC) Price Analysis February 2021
- Bitcoin breaks the resistance of 45,000$ once again as the top crypto trading up on an hourly basis despite the 4.5% dip
- The weekly chart is showing 27% of gains for BTC
- The lowest price for the week was 36,816$
- The highest price for the week was 48,012$ at one point, and the firm 46,000$
- The yearly chart is showing 344% of gains
Image credits: Cover photo taken from Highxtar