Bitcoin, ether, dogecoin prices surge after Elon Musk confirms he owns the cryptos
In cryptocurrencies, Bitcoin prices climbed back above $32,000 after trading below the crucial $30,000 level in the past two sessions as billionaire Elon Musk that his space exploration company SpaceX also owns the digital token and has no plans to sell it. Other cryptocurrencies like ether, dogecoin also gained after Tesla boss said that he personally owns the above three digital tokens, while Tesla and SpaceX both exclusively own Bitcoin.
As per CoinDesk, Bitcoin surged over 7% to $32,200 level whereas ether, the coin linked to Ethereum blockchain, was up to $1,980.8. Dogecoin, on the other, hand, was gained over 9% to $0.18. Other digital coins like XRP, Cardano, Uniswap also jumped in the range of 6-10% over the last 24 hours.
Speaking at “The B Word" conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management and Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc, reported Bloomberg.
“I would like to see Bitcoin succeed," Musk said. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump." Musk said that Tesla would most likely resume accepting Bitcoin for purchases once mining becomes less environmentally taxing.
“It looks like Bitcoin is shifting more toward renewables," Musk said. “I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%."
Since mid-May, Bitcoin and other cryptos have tumbled, wiping some $1.3 trillion off their market value. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the U.S. and concerns about the energy needed by the computers underpinning it. Bitcoin’s advance this year has shrunk to about 8% following a slide from an April record of almost $65,000.
(With inputs from agencies)
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The price of Ethereum (ether) has shot up after Elon Musk revealed that he personally invested in the cryptocurrency.
The technology billionaire was speaking at The ₿ Word conference on Wednesday, alongside Twitter CEO and prominent crypto advocate Jack Dorsey, with his comments pushing the bitcoin rival above $2,000.
“Bitcoin does some things well, and it’s evolving… Usability for the average person is not great but it has a lot of potential,” he said.
“On balance I support bitcoin and cryptocurrency in general.”
Follow all the latest crypto market updates with The Independent’s live blog
Earlier this year, the Tesla boss made headlines after announcing that his company would accept bitcoin as a form of payment for electric cars, however subsequently backtracked after citing environmental concerns about bitcoin’s network.
The cryptocurrency has since shifted more towards renewable energy sources following a major crackdown in China on bitcoin mining operations, which were largely powered by coal-fuelled power plants.
Tesla also announced a $1.5 billion investment into bitcoin in February, making it the world’s second largest corporate investor behind the software firm MicroStrategy.
A small portion of this was subsequently sold off but the majority continues to be held by Tesla despite the recent price slide.
After reaching an all-time high above $64,000 in mid April, bitcoin’s price has fallen to around half its peak value and is currently trading at just above $32,000.
Market movements have often been attributed to comments made by Mr Musk, with the price surge and crash both coinciding with Tesla’s acceptance and rejection of the cryptocurrency.