Richest man Elon Musk casually writes “bitcoin” as Twitter bio; Bitcoin surges 14%

Bitcoin surged by almost 14% on 29th January 2021 touching its peak for 10 days, with traders referring to a move by Tesla CEO Elon Musk including the cryptocurrency in his bio page on Twitter.

The largest cryptocurrency was quoted above $36,000, with brokers crediting Elon Musk tagging the cryptocurrency in his Twitter biography for this jump. 

Bitcoin increased about 15% within minutes as the London trading day got underway. On the day, Bitcoin hit as high as $37,060 and was last up 10% at $36,711.

The founder of SpaceX and Tesla CEO casually wrote “#bitcoin” in his biography on the social media site with no further explanation.

The billionaire entrepreneur who has 43.7 million on Twitter, has a history with making market-moving comments on the site. Another incident has been when he tweeted “Use Signal” amidst the WhatsApp privacy scandal. Signal Advance’s rally was pushed to more than 5100% within three trading days and thousands of users shifted from WhatsApp to Signal.

On the same day, Musk also incited a large rally in Dogecoin after tweeting an image of a “Dogue” magazine cover featuring a whippet in a red outfit. According to CoinMarketCap data, the digital coin originally created as a joke is up about 300% in the last 24 hours.

Eric Peters of One River Asset Management told Bloomberg that his hedge fund’s holdings of digital assets have crossed $1 billion, going on to say that institutional adoption of crypto assets which played a large role in Bitcoin’s rally this past year, is only expanding. Bridgewater’s Ray Dalio called the coin “one hell of an invention,” continuing that the firm is looking at cryptocurrencies for two new funds.

“$30,000 is key support and there appears to be a rising wave of institutional interest buying all dips,” said Mike McGlone, Bloomberg Intelligence commodity strategist.