Bitcoin jumps by $3,000 after Elon Musk posts an image of a crypto-themed ring and makes a vague reference to dogecoin | Currency News | Financial and Business News

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Bitcoin price rose up to 6% on Thursday after Elon Musk posted a vague tweet with a reference to Dogecoin and a picture of a crypto-themed ring.

The digital asset rose $ 3,000 to trade $ 47,516 at 9:20 a.m. ET, after stuck at $ 43,800 the previous day.

In his tweet, Musk said, “Frodo was the outsider, everyone thought he was going to fail, especially himself”, apparently referring to the Lord of the Rings trilogy. Dogecoin only saw a 0.8% jump to $ 0.07, but it’s still up 1300% since the start of the year.

Continue reading: A Ruffer portfolio manager invested part of his $ 4.8 billion fund in Bitcoin. Here’s what made him bet on crypto – and the two other ways he’s hedge against worrying speculative bubbles

Earlier this week, the token received its biggest approval after Tesla announced a $ 1.5 billion Bitcoin investment. This brought the Bitcoin price to a record high of $ 48,000.

“These are just the beginning of corporate adoption as digital currencies play an increasingly important role in robust balance sheet management,” said Nathan Cox, chief investment officer at investment firm Two Prime.

An analyst said Tesla’s decision was a massive win for the crypto crowd, and acceptance within the financial world is what it has been looking for – and this move meets both criteria.

“It seems that one thing more powerful than Elon Musk’s Twitter account is the financial strength of the company he co-founded and ran,” said Craig Erlam, senior market analyst at OANDA. “I’m a little surprised that it wasn’t enough to make $ 50,000 if I’m honest, but it’s certainly only a matter of time. There doesn’t seem to be much appetite to sell right now.”

Continue reading: According to UBS, Bitcoin is a bubble and too volatile to diversify a portfolio unlike gold. That’s why the bank says it could become “worthless”.