Bitcoin tops $ 32,000 as Elon Musk says he holds bitcoin

Bitcoin surged above $ 32,000 and continued its recent rally after recently losing all of its 2021 gains.

The rally took place when Elon Musk, Jack Dorsey and Cathie Wood were talking about the future of Bitcoin in a forum.

At 10 a.m. on July 22, Bitcoin rose more than 8% to 32,270 U.S. dollar. Other cryptocurrencies also made strong gains, including Ethereum and Dogecoin.

Elon Musk, CEO of Tesla, reiterated his support for Bitcoin, saying that he himself holds Bitcoin along with Dogecoin and Ethereum. Additionally, he said SpaceX and Tesla also hold Bitcoin.

“I want Bitcoin to be successful. If the price of Bitcoin goes down, I will lose a lot of money.

Ark Investment Management’s Cathie Wood said companies should consider adding Bitcoin on their balance sheets. CEO Twitter Dorsey describes the coin as pretty solid.

Bitcoin’s price collapsed in early May after Musk announced that Tesla would no longer accept Bitcoin as a form of payment when customers buy cars from the company. Two months earlier, the price of virtual currency skyrocketed after Musk said Tesla would accept Bitcoin as a form of payment.

“I wanted to look at it to see if the rate of renewable energy usage in Bitcoin mining has reached or exceeded the 50% threshold, and if there is an upward trend in that ratio. If that is the case, Tesla will continue to accept Bitcoin as a form of payment, ”Musk said. “There is a high probability that Tesla will accept Bitcoin again.”

This digital currency rebounded sharply after reaching 30,000. had fallen U.S. dollar Earlier this week, that milestone was dropped for the first time since June 2021.

“Market fears if Bitcoin falls to 30,000” U.S. dollarprices will continue to fall, ”said Naeem Aslam, head of market research at Ava Trade. “But that’s not what we’re seeing now. The Bitcoin price has remained stable and there was no panic sell-off. “

Bitcoin and other cryptocurrencies have slumped since mid-May 2021 and have about 1,300. blown away Billion USD Market capitalization. Bitcoin faces a number of hurdles, including increased scrutiny from China, Europe and the US, as well as concerns about the amount of energy required by miners. Investors are also more concerned about highly speculative assets.

Bitcoin could support at 25,000. test again USD in next weeks, said Mr. Aslam. The threshold of 32,000. crack U.S. dollar will signal a strong recovery, according to Steen Jakobsen, Managing Director of Saxo Bank.

“Bitcoin and Ethereum tried to turn up sharply after Bitcoin fell to 30,000” U.S. dollar. Bitcoin, however, has to surpass the 32,000 mark U.S. dollar sustainable way to get out of the pit, “writes Jakobsen in the report.

Bitcoin’s rally this year has fallen from a record high of nearly 65,000 to just 8% after plummeting USD in April 2021. The S&P 500 is up 15% this year.

Proponents of cryptocurrencies argue that Bitcoin provides a hedge against inflation and will get wider institutional support.

“Regulatory and environmental concerns can weigh on Bitcoin, but improvements in these two areas could occur before the end of 2021,” wrote Edward Moya, senior market analyst at Oanda, in the report. He added that institutional investors “are ready to bet big long-term” if Bitcoin doesn’t drop to 20,000 U.S. dollar.

Vu Hao (according to Bloomberg)