Crypto

Bitcoin Tests $17,000 as Crypto Markets Add $40 Billion 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 $16,000, only to rally towards $17,000 later followed by the rest of the cryptocurrencies.

This happened after CZ and Elon Musk tweeted some news which was obviously viewed positively.

Bitcoin Test $17,000

Bitcoin’s price has been on a rollercoaster ride over the past 24 hours. Things looked pretty grim until a few hours ago when the cryptocurrency headed south and traded below $16,000.

On Binance, BTC hit 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 run an “industry stimulus fund” to help projects that are strong but are currently experiencing a liquidity crunch. He did not specify what qualifies as “strong”, but said more information would be revealed soon.

At the same time, Elon Musk said that Bitcoin will do so in response to a tweet asking where BTC will be in a year.

This had an immediate effect on the price, which climbed towards $17,000, consolidating at $16,700, where it is currently trading.

Source: Binance via TradingView

Altcoin Tracking

Most major altcoins also followed, seeing intraday gains of between 1% and 5%. ETH is up by around 2.7%, BNB – by 1.6%, and so on. Solana is up 7.7% in the last 24 hours and MATIC is also up around 4.4%.

crypto_market_heatmap_1411
Source: Quantify Cryptography

Meanwhile, the biggest gainer over the past day is Trust Wallet’s TWT token, which has surged 46%. KCS is the second best performer with gains of 15%, as is Axie Infinity’s AXS.

In contrast, QNT, XDC and NEXO are the worst performers, all down around 4.5%.

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Cryptocurrency charts by TradingView.

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