FX.co ★ Bitcoin on track for fastest growth since February because of Elon Musk

Bitcoin is on its way to the biggest and fastest rise, all the fault of a post on Twitter by the main newsmaker in the world of cryptocurrency, Elon Musk. This was done in order to restore faith in cryptocurrencies after the sharp fall of BTC.

After almost two weeks of decline, bitcoin rose to $53,171 with a fantastic 5.81 percent gain. "What does the future hold?" Tesla's Technoking asked the question via Twitter, referring to the famous bitcoin and crypto joke on the internet that originated in 2013. The word "hold" was deliberately misspelled - "hodl", referring to a buzzword online.

This latest sign of Elon's love comes ahead of Tesla's quarterly results, which will be its first since the company's $1.5 billion purchase of bitcoin. For most of April, Musk made cryptic posts on Twitter about BTC and cryptocurrency in general, the same technique used by Musk before announcing his major bitcoin purchase in early February. In addition to bitcoin, dogecoin was also mentioned.

Fear and indecision, which spread at the speed of light across the network, became the catalysts for the mass sales of bitcoin over the past week. Various negative factors have greatly affected bitcoin: the US Treasury filed a lawsuit against private money institutions for money laundering, the governments of Turkey and India prohibit the use of cryptocurrency in their countries, President Joe Biden introduces new taxes, and the Chinese province was de-energized.

According to expert data, today will be the seventh quarterly profit of the company Tesla. Meanwhile, on the first day of the week, bitcoin stocks and other crypto-focused stocks also went up.