Bitcoin rises 10% as Elon Musk, Jack Dorsey, and Cathie Wood gather to discuss the volatile cryptocurrency

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Surged as much as 10% on Wednesday as CEO Elon Musk, CEO Jack Dorsey, and Ark Invest’s Cathie Wood gathered to talk about cryptocurrencies at . Musk, Dorsey, and Wood answered a series of questions on cryptocurrencies and addressed a number of pain points associated with bitcoin, including its extreme volatility, intense energy usage, and reliance on fossil fuels and sustainable energy. The surge higher in bitcoin helped the popular cryptocurrency reclaim a key technical support level at $30,000.

As of Wednesday afternoon, bitcoin traded as high as $32,820, well above its Tuesday low of $29,308. Many technical analysts view bitcoin’s $30,000 level as a make or break level for the cryptocurrency that could lead to significant downside if it doesn’t hold. Katie Stockton of said in a note on Wednesday that since the $30,000 level is heavily watched by traders, it is prone to a shakeout below that level, also known as a false breakdown. A false breakdown more...