Musk’s tweet sways cryptocurrencies again, Bitcoin leaps 10%

May 25, 2021 10:43 AM AEST | By Furquan Moharkan

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Musk’s tweet sways cryptocurrencies again, Bitcoin leaps 10% — Image source: Bitcoin, Ethereum and Ripple coins - largest cryptocurrencies by market capitalisation. © Josefkubes

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Summary

Elon Musk has tweeted about possibility of enhancing Bitcoin’s sustainability.

The tweet sent crypto prices surging.

Uniswap is the best performer in today’s rally.

The prices of various cryptocurrencies went soaring after a tweet from billionaire CEO of Tesla Inc (NYSE:TSLA)– Elon Musk.

Overnight, Mr Musk tweeted about sustainability of the digital coin. “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising, (sic),” he said in the tweet.

Soon after this tweet, the prices of cryptocurrencies – including Bitcoin – surged by double-digits.

At the time of filing this copy, Bitcoin was up 10.62% to US$38,608.02. Witnessing a massive 47.18% surge in 24 hours, the Uniswap has been the best performer in the rally.

Mr Musk has been one of the biggest and most celebrated supporters of digital currencies. His tweets, earlier in February, have helped rally the prices of digital coins, including bitcoin, several times in the past year.

However, that all changed in earlier this month, when his publicly expressed concerns over digital assets played a pivotal role in causing the massive crash in May.

Such has been the volatility that the world’s largest cryptocurrency suffered a 30% single-day drop last Wednesday, falling to around $30,000 from its peak level of $64,829 in mid-April.

In a regulatory filing earlier, Elon Musk-controlled Tesla stated that it bought US$1.5 billion worth of bitcoin and would accept it as a form of payment.

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