Elon Musk just changed his Twitter bio to only include Bitcoin. As a result, the price for the asset skyrocketed by more than $5000 in a few minutes.
Elon Musk, CEO of Tesla
The world’s richest man, Elon Musk, has put Bitcoin as the only word in his Twitter bio. As a result, the price of bitcoin skyrocketed.
Elon Musk, the CEO of Tesla has put Bitcoin as the only word in his Twitter bio.
The high-ranked executive also tweeted minutes later that “in retrospect, it was inevitable.”
What’s interesting is how this impacted Bitcoin’s price.
In less than a few minutes, BTC jumped from a low of around $32,070 to a high of around $37,060 – adding $5,000 to its dollar value.
However, the price has since corrected and is currently trading at about $35,500, at the time of this writing.
BTC/USD. Source: TradingView
It’s also worth noting that this led to massive liquidations on the Bitcoin market. Data from Bybt shows that over $380 million were liquidated in the past hour alone.
82% of that are short positions, while the largest single liquidation order had a face value of $10 million on BitMEX’s BTC market.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
