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Early this morning Elon Musk, the CEO of SpaceX and Tesla, and also the richest person in the world, changed his Twitter profile to read “#bitcoin” and tweet a cryptic message that many in the Bitcoin space interpreted as advocacy for the technology or acknowledgment that its tacit approval would undoubtedly happen.

Within minutes of the tweet surfacing, the price of bitcoin surged. It surged from about $ 32,000 at the time of the tweet to about $ 37,500 just an hour later, peaking at 14 percent, per TradingView. BTC price eventually hit a 14-day high of $ 38,300 on that day. This prize win triggered more than $ 446 million in short liquidations on various cryptocurrency exchanges, according to the data aggregator Coinalyze.

To commemorate the moment, bitcoin mining pool F2Pool embedded Musk’s message in block 668,197.

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Bitcoin price analysis

While it is not possible to draw a direct line between Musk’s tweet and bitcoin’s price surge, it is clear that it has generated great interest. According to Google trends, searches for the word “bitcoin” more than doubled within two hours of the message.
Some have also speculated that the price was moved due to Musk making a significant investment in bitcoin himself. Last month, Musk publicly asked Michael Saylor – the CEO of MicroStrategy who has converted millions of dollars in treasury assets into bitcoin – on the feasibility of large bitcoin transactions.

Peter Chawaga is a senior editor at Bitcoin Magazine. He HODLs BTC.

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