Bitcoin Gains 11% As Elon Musk Says Tesla To Resume Transactions Using Crypto

The most popular and largest cryptocurrency by market capitalization, Bitcoin, after witnessing extreme bouts of volatility in the previous week is trading higher by over 10.64% at $38,977 at the time of writing this copy as per the Blockchain news outlet Coindesk.com. It is also the best single day gains for the digital currency since June 9.

The sharp rally in bitcoin prices comes after Elon Musk-Tesla's boss said that the electric vehicle manufacturing company will resume transactions using the cryptocurrency, when cryptocurrency mining involves more clean energy.

In a tweet, Tesla's CEO said, "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions". Also, at the same time he said that Tesla pared off its 10% holdings to confirm that bitcoin can be easily liquidated without influencing the market.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

The celebrity CEO said this after chief executive of Sygnia condemned Musk for 'manipulating bitcoin price'.

With the upsurge, the digital token's market cap stands at $730.2 billion with a transaction volume of $40.27 billion over the last 24 hours. Nonetheless, bitcoin is still substantially cheaper in comparison to its all time high price of $64,778 hit on April 14.

Other top crypto assets as per Coindesk traded higher in the range of 5-16.5%, the highest gains of over 16% seen in the case of The Graph (Symbol:GRT)

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