Elon Musk’s grace for the crypto assets also seems, apparently, as bitcoin gave back all its gains from an almost 20% pump that coincided with commotion over the tech mogul’s Twitter account.
Earlier this week, the Tesla CEO changed his Twitter account biography to read “#Bitcoin,” lifting social media into a frenzy.
Coinciding with the hoopla, Bitcoin [BTC (-0.49%)] jumped from around $32.2k to over $38.4k within a couple of hours.
On the other hand some hours later, however, the leading cryptocurrency began to drop, dropping below $34k earlier on Friday evening. Through the weekend, BTC continued to trade below $35k, dropping even further on yesterday on Sunday.
At the reporting time, Bitcoin [BTC] is presently trading at a price around $33.8k in line with CoinMarketCap, up slightly from its 24-hour low of $32.2k.