For the last 10-days, the price of Bitcoin nosedived. However, the crypto added as much as 15% in terms of value after Tesla Inc and SpaceX CEO Elon Musk included the cryptocurrency in his Twitter bio.
Musk’s page on Twitter simply said #bitcoin with no further explanation and this was enough to send prices up as much as 15% in a matter of minutes.
The digital asset spiked to $38,089.94 following the billionaire’s update, after having spent most of the week in a range between $31,000 and $33,000.
It hit an all-time high of over $41,000 earlier this month, driven by a record amount of economic stimulus and inflationary fears.