Elon Musk Bitcoin tweet sparks massive rally, taking it above $35,000

Bitcoin rallied above $35,000, with brokers attributing the move to Elon Musk mentioning the cryptocurrency in his bio page on Twitter.
 

The largest cryptocurrency spiked about 15 per cent within minutes as the London trading day got underway. On the day, prices were up 8 per cent at $35,885 as of 9:13 a.m. local time.

Tesla Inc. founder Musk’s page on Twitter simply said #bitcoin, with no further explanation.

Earlier in the day, Musk also sparked a massive rally in Dogecoin after tweeting an image of a “Dogue” magazine cover featuring a whippet in a red outfit. The digital coin originally created as a joke is up about 300 per cent in the last 24 hours, according to CoinMarketCap data.

Seperately, Eric Peters of One River Asset Management told Bloomberg that his hedge fund’s holdings of digital assets has exceeded $1 billion, adding that institutional adoption of crypto assets -- which played a large role in Bitcoin’s rally this past year -- is only expanding. Bridgewater’s Ray Dalio called the coin “one hell of an invention,” adding that the firm is considering cryptocurrencies for two new funds.

“$30,000 is key support and there appears to be a rising wave of institutional interest buying all dips,” said Mike McGlone, Bloomberg Intelligence commodity strategist.