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Bitcoin Causes Cryptocurrency Surge, Rising by More Than 12 Percent After an Elon Musk Tweet

Following previous patterns, the financial sector was slow over the weekends as well, but, on Monday, Bitcoin gained 12 percent and took the lead in the upward. According to CoinSwitch statistics, bitcoin started dealing at Rs 29,75,528 at 11:30 a.m. on June 14 and reached a day’s peak of Rs 30,06,643 following falling to Rs 26,41,398 as that of the day though lowest at 11:30 a.m. on June 14. Before we dive further into this article, if you want to know more about the latest news, trends, and ways to trade in Bitcoin, then you should register yourself on the Botcoin volatility and learn more.

What Did Elon Musk Have to Say Regarding the Resumption of Bitcoin Transactions?

Meanwhile, other cryptocurrencies also saw a significant increase, with the entire cryptocurrency market increasing by more than 8% on CoinSwitch Kuber on Monday. This comes following Elon Musk, founder CEO of Tesla and Space X, who even said the auto industry would restart electronic payments once processing can be done using more environmentally friendly energy sources. When there is proof of acceptable (50 percent) green power use by miners with the promising future pattern, Tesla can restart permitting Financial transactions, Musk said in a tweet, disputing an article published by the cryptocurrency news site, Cointelegraph.

He responded to Magda Wierzycka, the CEO of Sygnia, who had accused him of manipulating cryptocurrency pricing’ in her tweet. “This is entirely incorrect. Tesla merely sold around ten percent of its shares to demonstrate that Bitcoin could’ve been disposed of without requiring a move. “He announced his gratitude for the industry through Twitter. As Tesla CEO Elon Musk provided clarity on predatory bitcoin pricing and revealed Tesla’s long-term plans for digital currencies on Monday, the electronic monetary policy reacted fiercely. Let’s see how the top coins performed, shall we?

  • Ethereum is worth Rs 1,88,842, representing a 7.42 percent increase. It had a one-day high of Rs 1,92604 and a one-day low of Rs 1,76,356.
  • Tether is trading at Rs 75.8087, up 0.07 percent. 1-day high: Rs 77.9975; 1-day low: Rs 74.6665; 1-day average: Rs 77.9975
  • Polka Dot: Rs 1,649.35, representing a 7.46 percent increase. I had a one-day high of Rs 1703.50 and a one-day low of Rs 1537.55.
  • Dogecoin is now trading for Rs 24.663369, an increase of Rs 5.17 percent. I have a one-day high of Rs 25.201188 and a one-day low of Rs 23.516663.
  • Shiba Inu: Rs 0.000518, representing an increase of Rs 8.80 percent. 1 day high: Rs 0.000544, 1-day low: Rs 0.000465 I one-day high: Rs 0.000544, one-day low: Rs 0.000465

What Does the Reserve Bank of India (RBI) Have to Say About Cryptocurrency Trading in India?

For anyone thinking about investing in bitcoins, it is important to understand that although cryptocurrency trading is not prohibited in India, the Government of India (RBI) remains concerned about the practice. On May 31, the Reserve Bank of India (RBI) requested that banks refrain from citing its 2018 circular, which banned banks and non-bank financial institutions (NBFCs) from engaging in cryptocurrency operations. The Supreme Court (SC) ruled in March 2020 that the Highest Judiciary’s 2018 circular banning cryptocurrency was unconstitutional. “The memo is no longer valid as of the date of the Supreme Court’s decision and could be referenced or cited from,” the Reserve Bank said.

However, RBI Governor Shaktikanta Das subsequently said that the central bank’s position on cryptocurrency has not shifted and that the monetary policy maintains to have “significant concerns” about the unstable financial assets. “The Reserve Bank of India has not changed its position” (on cryptocurrencies). ACCORDING TO PTI, the RBI Governor made the following remark: “Our letter explains the situation very clearly.” As per FactSet statistics, the price of bitcoin BTCUSD, 0.13 percent had risen and over 12 percent at the time of writing and had been going bust at $40,631 on CoinDesk, which was the top-level least late May. Although bitcoin’s gain has fallen short of the crypto’s mid-April high of $65,000, optimistic buyers see the newest price surge as a positive development that may bode well enough for the cryptocurrency’s long-term worth.

Final Remarks

One reason for the meeting was statements posted by Elon Musk, Chief executive of Tesla (NASDAQ: TSLA), who acknowledged that the rechargeable producer had sold approximately 10% of its cryptocurrency holdings, but also stated that the corporation would continue permitting sales of its brands in cryptocurrency if bitcoin miners could prove that they are using at least 50% sustainable power in their operations.

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