Bitcoin hovers around $32,000 after boost from Musk

bitcoin musk hovers boost around
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Bitcoin hovers around $32,000 after boost from Musk

Bitcoin steadied around $32,000 after a rebound stoked by comments from Elon Musk, Jack Dorsey and Cathie Wood on the future of the largest cryptocurrency. The digital asset traded at $31,878 as of 6:36 am in New York on Thursday after jumping 6.5 per cent a day earlier. Other cryptos, including Ether and Dogecoin, held onto gains, as did the Bloomberg Galaxy Crypto Index. Tesla already owns Bitcoin but CEO Musk revealed at a conference that his space exploration company SpaceX also does. He added he'd like to see the token succeed and that he personally has bought Bitcoin, Ethereum and Dogecoin. Ark Investment Management LLC's Wood said corporations should consider adding Bitcoin to their balance sheets, while Dorsey described it as resilient. There's been "good flow" into crypto but "one day of gains does not make a trend" and more work is needed to get the "FOMO crowd excited," Chris Weston, head of research with Pepperstone Financial Pty, wrote in a note. Some $1.3 trillion has been wiped off the market value of cryptocurrencies since mid-May. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the US and concerns about the energy