In recent days, Elon Musk’s role within the crypto world has been consolidated. Being able with just a few comments to generate dramatic drops and impressive rises in the price of Bitcoin and the main cryptocurrencies. Thus, and after being the main cause of the fall in the price of BTC in the last week, a tweet by Elon Musk boosts the price of Bitcoin.
The fall in the price of Bitcoin
Since the end of 2020, the crypto market has experienced the best moment in its history. Led by the largest bullish rally in the price of Bitcoin since its birth in 2008. Driving the price of the cryptocurrency above $ 60,000, and taking the price of the main altcoins in the market to record figures. Including Ethereum, Binance Coin, and Cardano.
However, this virtually uninterrupted boom period came to an end a few days ago. When a succession of bad news led investors to lose faith in the future of the crypto market. Making the price of Bitcoin collapse, and along with it the price of the other cryptocurrencies on the market.
This collapse began when the billionaire and CEO of Tesla, Elon Musk, announced through his Twitter account that Tesla would stop accepting Bitcoin as a means of payment for its cars. After having accepted the cryptocurrency as payment for a few weeks. This was followed practically immediately by the Chinese government’s announcement that legal restrictions against cryptocurrency transactions within the country would be maintained and strengthened. Making the price of Bitcoin lose half its value in a matter of days.
A new tweet from Elon Musk
However, now the trend seems to be changing again. Well, although China continues to maintain restrictions against Bitcoin, and Tesla still does not accept Bitcoins as a means of payment for its cars. A tweet from Elon Musk has renovated the hopes of the crypto market. After commenting that, in talks with American miners, they promised to use renewable energy in their activities. Being the environmental damage of the same the argument given by Tesla for not accepting BTC.
«We spoke to North American Bitcoin miners. They pledged to publish the current and planned use of renewable energy and to ask miners around the world to do so as well. Potentially promising». It can be read in Elon Musk’s tweet.
Immediately after Elon Musk posted his tweet, the crypto markets reacted. Changing the negative trend that they had maintained during the last days, to begin to recover their price little by little. With Bitcoin currently trading in the order of $ 37,977, up from the $ 31,248 it recently reached. Holding out hope that it can climb even higher.