Cryptocurrencies rebounded over the weekend, reclaiming ground lost thanks to another magical Elon Musk tweet.
At the time of writing, Bitcoin was up by almost 12 percent to $39,432, erasing losses from the past week, but still down by more than 34% from last month’s record high. The overall market cap is above the $1.5 trillion mark still, breaking past the resistance level of $35,000 within an hour of Musk’s tweet.
While making a case for proving that BTC transactions can be conducted without incurring loss in value, the Tesla CEO tweeted on Sunday that his company “will resume allowing Bitcoin transactions” if the wider global crypto market shifts towards clean energy “with positive future trend”.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
Later on, the cryptocurrency gained as much as 12 percent to $39,432 on Sunday, the highest level since 3rd June and just below the $40,000 round-number level seen as key by most chart watchers.
Meanwhile, most digital currencies in the crypto top 20 experienced similar jumps. The second-largest cryptocurrency, Ethereum, jumped more than 7 percent to $2,486, despite hitting as high as $2,585 last week. Binance Coin, the fourth biggest cryptocurrency by market cap, was trading at $362—a slight recovery from last week’s undulating $365.
Dogecoin is up by almost 5 percent in the last 24 hours, standing at $0.32, despite blowing off a few investors after falling almost 3% on Sunday.
Its performance has trended in the opposite direction from the rest of the market since Elon Musk’s little betrayal in May, but it looks like it’ll get back on the race track, like other caps in the top 20 list.