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Bitcoin jumps after Elon Musk says Tesla will accept crypto when miners use clean energy
Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," he said in a tweet.
Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk's tweet.
Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.
He announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.
The billionaire said that he believed cryptocurrency has a promising future, but it cannot be at great cost to the environment.
In February, Tesla revealed it had bought $1.5 billion of bitcoin and would accept it as a form of payment for cars.
Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," he said in a tweet.
Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk's tweet.
Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.
He announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.
The billionaire said that he believed cryptocurrency has a promising future, but it cannot be at great cost to the environment.
In February, Tesla revealed it had bought $1.5 billion of bitcoin and would accept it as a form of payment for cars.
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Obscure Cryptocurrency Sees 75,224 Percent Increase in Trading Volume Because of Elon Musk
After tweeting a fun fact about Uranus orbiting the Sun once every 84 years, Tesla CEO Elon Musk has pushed the price of a tiny cryptocurrency of the same name by over 50 percent.
The Uranus (URAC) token—which is only tradable on Bittrex and Bilaxy—also recorded a 75,224 percent jump in trading volume.
It currently has a fully diluted market cap of roughly $6 million.
Musk's Uranus tweet sparked a frenzy among his followers, collecting nearly 150,000 likes at the time of writing.
While Musk is capable of easily controlling the prices of Bitcoin, Dogecoin, and even CumRocket, his random tweets can also inadvertently pump small cryptocurrencies and penny stocks.
In January, the shares of Signal Advance (SIGL) soared over 1,000 percent despite being unrelated to the privacy-focused messaging app mentioned by the billionaire.
Back when it was largely unknown, the Shiba Inu token pumped a whopping 300 percent after Musk said that he wanted to buy a dog in March.
After tweeting a fun fact about Uranus orbiting the Sun once every 84 years, Tesla CEO Elon Musk has pushed the price of a tiny cryptocurrency of the same name by over 50 percent.
The Uranus (URAC) token—which is only tradable on Bittrex and Bilaxy—also recorded a 75,224 percent jump in trading volume.
It currently has a fully diluted market cap of roughly $6 million.
Musk's Uranus tweet sparked a frenzy among his followers, collecting nearly 150,000 likes at the time of writing.
While Musk is capable of easily controlling the prices of Bitcoin, Dogecoin, and even CumRocket, his random tweets can also inadvertently pump small cryptocurrencies and penny stocks.
In January, the shares of Signal Advance (SIGL) soared over 1,000 percent despite being unrelated to the privacy-focused messaging app mentioned by the billionaire.
Back when it was largely unknown, the Shiba Inu token pumped a whopping 300 percent after Musk said that he wanted to buy a dog in March.