Bitcoin jumps 12% after a single tweet from Elon Musk

Bitcoin was up about 12% to $39,432 at the time of writing, recovering losses from the previous week but still down more than 34% from last month’s record high. Within an hour following Musk’s post, the whole market cap had risen above $1.5 trillion, breaking through the $35,000 barrier level.

While arguing that BTC transactions can be carried out without losing value, Tesla CEO Elon Musk said on Sunday that his company “would resume permitting Bitcoin transactions” if the global crypto market moves toward clean energy “with a strong future trend.”

In the meantime, most of the top 20 digital currencies in the crypto market saw comparable increases. Ethereum, the second-largest cryptocurrency, increased by more than 7% to $2,486, after reaching a high of $2,585 last week. Binance Coin, the fourth most valuable cryptocurrency by market capitalization, was trading at $362, up slightly from last week’s erratic $365.

Despite blowing off a few investors after plunging about 3% on Sunday, Dogecoin is up about 5% in the previous 24 hours, hovering at $0.32.

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