Bitcoin Price Rises To $ 50,000 After Elon Musk’s Shiba Inu Tweet Boosted Cryptocurrencies

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Bitcoin recovered $ 50,000 for the first time since early September, breaking through the level many analysts consider strong resistance.

The cryptocurrency last surpassed $ 50,000 after El Salvador accepted it as legal tender, even though issues with Bitcoin after the announcement resulted in a steep 20% drop.

The rise in Bitcoin has been accompanied by an increase in other cryptocurrencies. The hike was led by Shiba Inu, a currency meme promoted by Elon Musk, after the billionaire maverick posted a tweet.

Shiba Inu has increased 95% in the last 24 hours and 180% in the last week.

Other popular crypto tokens were more of a mixed bag. Ethereum’s price edged up, trading at $ 3,393.3, while Cardano’s price fell 1% to $ 2.20. Dogecoin rose 8%, trading at $ 0.24.

The rise in Bitcoin prices surprised some experts who expected some volatility as China enacted its latest ban on Bitcoin trading and mining.
While it was predicted that China’s ban on the world’s most popular crypto would lead to price volatility, there were some bright spots for Bitcoin. The continued support from regions like El Salvador and Miami has encouraged investors to invest in bitcoin and other cryptos.

Tesla CEO Musk continued his efforts to defend bitcoin and other cryptocurrencies. Last week, Musk said that “although the advancement of cryptocurrencies may be slowed down, these digital assets cannot be destroyed now.”

(Edited by : Kanishka Sarkar)


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