Bitcoin price down after rising sharply by over 10%

Bitcoin soars 14pc after Elon Musk namecheck on Twitter

Bitcoin surged above US$38,000 after Tesla founder Elon Musk mentioned the cryptocurrency on his Twitter profile.

Tesla Inc. founder Musk's page on Twitter simply said #bitcoin, with no further explanation.

The restriction has forced some investors to trade cryptocurrency, the markets for which are open 24 hours a day. The cryptocurrency was up 14% to $37,957 as of 8 a.m. The revelation that hedge funds have heavily bought short positions running into trillions could propel already bullish digital assets to new highs. It reached a record of nearly $42,000 on January 8. Musk said in a later tweet that Bitcoin is his safeword.

Musk also put out another tweet that took a dig at "shorty apologists". He also sent posts calling Cyberpunk a great video game and said, "In retrospect, it was inevitable".

Lockdown for Perth ends Australia's two-week run without Covid-19
The WA Government has released huge list of exposure sites, but Mr McGowan says the lockdown is a "precautionary measure". Now we are asking for your help once again. "Do not travel further outside of this area until the lockdown is over".

The cryptocurrency jumped over 300 per cent past year, as bigger U.S. investors and corporations sought exposure to it, and touched an all-time high of $42,000 last month. One of the cryptocurrencies - Dogecoin - has increased by 975%.

Last week, Musk-whose tweets about bitcoin and joke cryptocurrency rival dogecoin often move the market-sent the bitcoin price sharply higher when he gave bitcoin a long-awaited tacit endorsement following restrictions being placed on the trading of company shares that have become a battleground for bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have always been shorting the stocks.

With the report from Cointelegraph, it has been ascertained that Elon Musk had previously influenced the price of quite a few crypto assets- including Dogecoin- a meme-based cryptocurrency. Earlier this month, he agreed with a post referencing being paid in Bitcoin, and when someone asked if he owned any Dogecoin, he replied, "No, but maybe one day".

There are also other ways to record messages on the Bitcoin blockchain.

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