Market Wrap: Bitcoin Climbs as Elon Musk Tames Shorts
- Date: 22-Jul-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Market Wrap: Bitcoin Climbs as Elon Musk Tames Shorts
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 breaking above $2,000 for the first time since July 14.
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