Even Elon Musk’s power has its limits, apparently, as bitcoin gave back all its gains from a nearly 20% pump that coincided with commotion over the tech mogul’s Twitter account.

  • Before the weekend, the Tesla CEO changed his Twitter account biography to read #Bitcoin, sending social media into a frenzy.
  • Coinciding with the hoopla, BTC jumped from around $32,200 to above $38,400 in a couple hours.
  • Several hours later, however, the leading cryptocurrency started to drop, dropping below $34,000 on Friday evening. Through the weekend, BTC continued to trade below $35,000, dropping even further on Sunday.
  • At last check, BTC was trading at $32,831.88 on CoinDesk, up slightly from its 24-hour low of $32,229.55.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.