‘Moon Very Soon’—Cryptic Elon Musk Spurs Bitcoin On As Price Suddenly Blasts Past $60,000 And Ethereum Hits Fresh High

‘Moon Very Soon’—Cryptic Elon Musk Spurs Bitcoin On As Price Suddenly Blasts Past $60,000 And Ethereum Hits Fresh High

Bitcoin has suddenly surged higher , climbing firmly above $60,000 per bitcoin for the first time since mid-March.
The bitcoin price hit highs of $61,222 on the Luxembourg-based Bitstamp exchange before falling back slightly, a rise of 5% on the last 24 hours. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin , rose to a fresh all-time high above $2,100.
The precise cause of the early Saturday morning bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla TSLA billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.
MORE FROM FORBES Bitcoin Price Prediction: Why Bitcoin Could Rocket To $400,000 In 2021 By Billy Bambrough “… going to moon very soon,” Musk said via Twitter , shortly after the bitcoin price jumped, perhaps referencing the popular “bitcoin to the moon” meme and sparking speculation Musk’s rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet .
MORE FOR YOU Bitcoin Price Prediction: Why Bitcoin Could Rocket To $400,000 In 2021 Revenge Of The Winklevii Billionaire Mark Cuban Reveals Why He Thinks Ethereum Will ‘Dwarf’ Bitcoin As Crypto Market Price Hits $2 Trillion “SpaceX buying bitcoin?” asked Danny Scott, the chief executive of Isle of Man-based bitcoin and cryptocurrency exchange CoinCorner, in reply to Musk’s tweet.
At the end of last year, Elon Musk set the bitcoin and cryptocurrency market alight when he tweeted about the possibility of making large bitcoin purchases . In the following weeks, Tesla added $1.5 billion worth of bitcoin to its balance sheet .
Meanwhile, Musk has continued to talk up his “fav” cryptocurrency on Twitter, the “joke” bitcoin rival dogecoin. On April 1, Musk said his private rocket company SpaceX is going to put a “dogecoin on the literal moon”— sending the price of the meme-based cryptocurrency up 35% .
The bitcoin price has doubled so far in 2021, climbing from just under $30,000 per bitcoin. The broad cryptocurrency rally has seen the entire crypto market more than double to reach a combined value of over $2 trillion , with ethereum surging 1,200% over the last 12 months.
Ethereum has soared after beginning a long-awaited upgrade and has been boosted by the growth of decentralized finance (DeFi) —using cryptocurrency technology to reinvent traditional finance, largely on ethereum’s blockchain.
MORE FROM FORBES Billionaire Mark Cuban Reveals Why He Thinks Ethereum Will ‘Dwarf’ Bitcoin As Crypto Market Price Hits $2 Trillion By Billy Bambrough Bitcoin’s massive rally, kicked off by news PayPal PYPL would begin to support bitcoin and a handful of other cryptocurrencies in October, has gathered pace as long-awaited institutional adoption of bitcoin and cryptocurrencies started to materialize .
Bitcoin has also seen its reputation as “digital gold” grow over the last year thanks to renowned investors including Paul Tudor Jones naming it as a hedge against inflation.
“Until recently, established brokers, advisors and banks wrote-off crypto as ‘too volatile’—as they did with today’s household tech brands 20 years ago, failing to recognize it as a legitimate asset-class in advice issued to investors,” Stephen Kelso, head of capital markets at ITI Capital, said in emailed comments.
“Now we’re seeing a dramatic change in approach from asset and wealth managers, who increasingly advise their clients that bitcoin is a preferential investment over gold.”
Billy Bambrough
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported
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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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