Bitcoin Falls Back to $32K as Elon Musk's Bio Change Fades Into Memory

The price jump coinciding with Elon Musk's Twitter attention retraced over the weekend.

Jan 31, 2021 at 7:22 p.m. UTC
Updated Sep 14, 2021 at 11:03 a.m. UTC

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.
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