Bitcoin on Track for Biggest Bounce Since February on Musk Tweet

Bitcoin on Track for Biggest Bounce Since February on Musk Tweet

Bitcoin was on track for its biggest bounce since February following a tweet with an intentional typo from Tesla  (TSLA) - Get Report co-founder and CEO Elon Musk that appears to have re-instilled faith in the world's largest cryptocurrency.

Bitcoin jumped 6.13% to $52,876, up from an overnight low of $47,079, following a two-week stumble, according to CoinDesk. The digital asset set a record of $64,829 earlier this month, largely on the back of enthusiasm for the direct listing of Coinbase Global  (COIN) - Get Report.

It fell below the 100-day moving average late last week for the first time since early October after JPMorgan Chase cautioned that its upward momentum could be at risk.

"What does the future hodl?" Musk asked via Twitter early Saturday morning, an intentional misspelling of the word "hold" that refers to a popular bitcoin and crypto meme that originated in 2013.

Musk's latest nod to bitcoin and crypto in general comes ahead of Tesla's quarterly results set to be released Monday, the first since the electric car maker added $1.5 billion worth of bitcoin to its balance sheet and also promised to increase its holdings.

Bitcoin: Boom, Bust and Big Opportunity?

Bitcoin and cryptocurrency market-watchers, highly attuned to Musk's signals, will