Bitcoin Tests $17K as Crypto Markets Add $40B on Musk and Binance Tweets (Market Watch)
The last 24 hours have been quite dynamic in terms of prices in the cryptocurrency market. Bitcoin fell below $16K, only to soar back towards $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 looked pretty bleak until a few hours ago, when the cryptocurrency was heading south, trading below $16K.
On Binance, BTC hit an intraday low of 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 crunch. He did not specify what qualifies as “strong,” but said more information will be revealed soon.
At the same time, Elon Musk said Bitcoin will be fine in a reply to a tweet asking where BTC will be a year from now.
This had an immediate effect on the price, which shot up towards $17K, consolidating to $16,700, where it is currently trading.
Altcoins included
Most of the leading altcoins also followed suit, charting intraday gains in the range between 1% and 5%. ETH is up by about 2.7%, BNB – by 1.6%, and so on. Solana rose by 7.7% in the last 24 hours, and MATIC is also up around 4.4%.
Meanwhile, the biggest gainer in the last day is Trust Wallet’s TWT token, which surged a whopping 46%. KCS is the second best performer with a 15% gain, the same as Axie Infinity’s AXS.
On the other hand, QNT, XDC and NEXO are the worst performers, all down about 4.5%.
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