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Bitcoin Price surges 9% After Elon Musk says, Tesla Will Accept Bitcoin in Future

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Tesla CEO Elon Musk on Sunday said the company will resume Bitcoin transactions once it confirms there is reasonable i.e 50% clean energy usage by miners.

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Musk’s tweet was in response to remarks made by Magda Wierzycka, CEO of South African asset management Sygnia. Wierzycka claimed that Musk’s tweets about bitcoin prices resemble “market manipulation” and should have provoked an SEC inquiry.

Musk even denied pumping and dumping Bitcoin and called his accusation “inaccurate”. 

His tweet read,

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving the market.

On May 12, Tesla halted Bitcoin payments owing to the negative environmental impact of mining, causing a severe market fall.

According to its financial statement, Tesla sold $272 million in “digital assets” in the first quarter, which helped the business cut operational losses by $101 million.

Bitcoin (BTC) Price Spikes 9.3%

On Sunday afternoon, the cryptocurrency rose 9.3% to $39,372, the highest level since June 3 and just below the $40,000 round-number mark viewed as critical by some chart analysts.

At the time of writing Bitcoin is trading at $39132.30 up by 11.85% in 24 hours.

Bitcoin Price re-entered the $38,000 range earlier this week as a result of El Salvador’s decision to adopt the largest cryptocurrency as legal cash, a move that could signal the beginning of cryptocurrency geopolitics. However, during a sell-off on Saturday, the top crypto lost most of its recent gains.

Elon Musk has done it again! His tweets and comments on cryptos always send prices skyrocketing or plunging. However, this time the immediate effect has been minimal as Bitcoin prices rose only about 9% during the day.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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