Bitcoin Tops $60,000 This Weekend As Musk Tweets to the “Moon”

  • Bitcoin hit an all-time high over the weekend, topping $ 60,000 for the first time in weeks.
  • Elon Musk cryptically tweeted in an obvious reference to the rally, sparking speculation about his plans.
  • The most recent rally is happening as the cryptocurrency continues to make gains with major mainstream institutions.
  • You can find more articles on Insider’s business page.

Bitcoin surged above $ 60,000 for the first time since March and hit record highs on Saturday. On Sunday at 9:00 a.m. Eastern Time, the currency on the Bitstamp exchange was $ 59.604.06.

The cryptocurrency is up over 700% year over year when a single bitcoin was below $ 7,000. Bitcoin is up over 100% this year after a rally in February brought the cryptocurrency to over $ 50,000 for the first time.

Early Saturday morning, as cryptocurrency was hovering around its weekend high, Tesla and SpaceX (and Technoking) CEO Elon Musk tweeted, “… very soon to the moon,” in an obvious reference to the popular bitcoin slang, “to the moon.” “.

Musk, a bitcoin booster whose company Tesla bought $ 1.5 billion in bitcoin, making the company more profitable than the electric car business, also supports SpaceX. The company plans the first civil space flight to the moon in 2023.

Earlier this month, the proliferating billionaire Tweeter tweeted that the company was “putting a literal Dogecoin on the literal moon.” His latest tweet sparked speculation that SpaceX, along with Tesla, might add cryptocurrency to its balance sheet.

Bitcoin got stuck in the upper $ 50,000 range after briefly hitting an all-time high of nearly $ 62,000 in mid-March.

Speaking to Justin d’Anethan, a sales director for Hong Kong digital asset firm Diginex, Reuters attributed the rally to a recent surge in investor attention as supply tightened.

Bitcoin’s liquid supply has shrunk to record lows this year, according to blockchain analytics firm Glassnode. Supply has been tight as some of Wall Street’s largest companies have started investing in cryptocurrencies while major payment companies Stripe and Paypal have started accepting Bitcoin as a form of payment.

Goldman Sachs has restarted its cryptocurrency trading desk while the world’s largest asset manager, BlackRock, has started looking into Bitcoin futures as well. A recent report by Citi speculated that Bitcoin could trigger a “massive transformation” in global finances and become the standard trading medium, although the possibility of an “implosion” was also highlighted.

The rally begins another big week for the crypto world. Coinbase, the largest cryptocurrency exchange in the United States, is going public later this week and could trade at higher valuations than the Intercontinental Exchange, which owns the New York Stock Exchange.

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