Elon Musk Updates His Twitter Bio To Bitcoin, BTC’s Price Surges

Elon musk updates his Twitter bio to Bitcoin only and as a result, the price of the asset surged by more than $5000 in only a few minutes as we can see in today’s Bitcoin news.

The world’s richest man Elon Musk updates his Twitter bio writing only Bitcoin and as a result, the price of the benchmark cryptocurrency surged. The CEO of Tesla tweeted minutes latest that “in retrospect it was inevitable.” What’s interesting is how this impacted the price of BTC. In less than a few minutes, BTC jumped from a low of around $32,070 to a new high of $37,060, adding $5000 to its value. However, the price corrected since. It’s worth noting that this led to a massive liquidation phase on the BTC market as per the data by ByBt showing that over $380 million was liquidated in one hour.

82% of these were short positions while the biggest single liqudation order had a value of $10 million on the BitMEX BTC market.

As previously reported, Tesla’s CEO Elon Musk suggests that Bitcoin could potentially be the cure for loose monetary policies as he disputed the claim that money is just a tool so moving value across space and time is made easier. In the past two months, Musk displayed some ambivalence towards BTC but the tech billionaire tweeted back in December a meme that suggested that it is difficult to remain productive while ignoring Bitcoin. On the same day, he said that BTC is equal to traditional currencies:

 “Bitcoin is almost as BS as fiat money.”

Also, According to the TradingShot data, BTC replicates the fractal of the downside correction move from its newly established ATH of $42,000, and it is very similar to the one of June 2019. That risks putting the pair on its way to new deeper price levels in the monthly session ahead of us. Both 2019 and today’s Parabolic Rises have a few common characteristics. If the pair breaks bearish on the support then, it risks dropping to the next average in the queue which is the 100-DMA. Right now, BTC corrected and is reading at the $37,336 level after days of choppy trading on the market.