Bitcoin Tests $17K as Crypto Markets Add $40B on Musk and Binance Tweets (Market Watch)
The past 24 hours have been quite dynamic in terms of pricing on the cryptocurrency market. Bitcoin dropped below $16K, only to soar back toward $17K later, followed by the rest of the cryptocurrencies.
This happened after both CZ and Elon Musk tweeted out news that was obviously perceived positively.
Bitcoin Testing $17K
Bitcoin’s price went through a bit of a rollercoaster over the past 24 hours. The situation was looking rather grim until a few hours ago, as the cryptocurrency was headed south and traded below $16K.
On Binance, BTC reached an intraday low at around $15,800, but that was before CZ and Elon Musk tweeted earlier this morning. Binance’s CEO revealed that his company will spearhead an “industry recovery fund” intended to help projects that are strong but currently experiencing liquidity crisis. He didn’t specify what qualifies as “strong” but said that more information will be revealed soon.
At the same time, Elon Musk said that Bitcoin will make it in a response to a tweet asking where BTC will be in one year from now.
This had an immediate effect on the price, which shot up toward $17K, consolidating at $16,700, where it currently trades.
Altcoins Follow Through
Most of the leading altcoins also followed through, charting intraday gains in the range between 1% and 5%. ETH is up by about 2.7%, BNB – by 1.6%, and so forth. Solana jumped by 7.7% in the past 24 hours and MATIC is also up around 4.4%.
Meanwhile, the biggest gainer over the past day is Trust Wallet’s TWT token which soared by a whopping 46%. KCS is the second-best performer with 15% gains, the same as Axie Infinity’s AXS.
On the other hand, QNT, XDC, and NEXO are the worst performers, all down by about 4.5%.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.