Market Wrap: Bitcoin Climbs as Elon Musk Tames Shorts

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Damanick Dantes and Frances YueJuly 21, 2021, 1:30 PM·6 min readIn this article: Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

Cryptocurrencies rebounded on Wednesday as short sellers covered positions ahead of Tesla CEO Elon Musk’s appearance at The B Word Conference. Bitcoin was trading at around $32,000 at press time and is up 8% over the past 24 hours. The sharp price bounce reflects positive sentiment in an attempt to reverse a monthlong downtrend largely driven by regulatory uncertainty.

During The B Word conference on Wednesday, Musk boosted bullish sentiment as he announced that SpaceX, one of the companies he founded, holds bitcoin on its balance sheet.

Musk also stated that he personally owns ether. The announcement contributed to the rising prices across cryptocurrencies on Wednesday with ether...read more...