Bitcoin is having its largest bounce since February after a tweet from Tesla CEO Elon Musk seems to have re-flamed investors’ faith in the top cryptocurrency.
Bitcoin was higher by 5.79%, reaching $53,420, which is up from an overnight low mark of $47,079, after experiencing a two-week pullback. The cryptocurrency reached $64,829 previously this month, mostly based on the excitement for the direct listing IPO of Coinbase.
It dropped under 100-day average at the end of last week. The first time that has happened since October when JPMorgan Chase warned that its drive upward could be at risk.
Musk sent out a message via Twitter over the weekend, using an intentional misspelling that refers to a popular Bitcoin meme and reference.
What does the future hodl?
— Elon Musk (@elonmusk) April 24, 2021
Musk’s latest hint towards bitcoin comes ahead of Tesla’s quarterly numbers set to be released this week, the first time after the company added $1.5 billion of bitcoin to its holdings.
Bitcoin fans, watching Musk’s signals, will be looking closely for any bitcoin related statements in Tesla’s Q1 earnings report, set to be published this week.
Musk has made numerous cryptic bitcoin and crypto social media posts recently, something he did before Tesla revealed its large bitcoin buy in February. Musk has also routinely posted about the meme cryptocurrency Dogecoin.
Meanwhile, shares of bitcoin related stocks were on the rise on Monday, with Coinbase up 4.35% at $304.28, Riot Blockchain higher by 6% at $40.29 and Marathon Patent boosted by 7.7% at $34.79.