Elon Musk, Tesla’s CEO changes his Twitter avatar to Bitcoin and the coin surged above $56,000 instantly as we can see more in today’s latest Bitcoin news.
Elon Musk is known to be active on social media platforms and to “play” with the markets as he already had tweeted multiple times about DOGE and BTC, receiving instant reactions after the tweet is published. Tesla’s CEO changes his Twitter avatar and we can see that BTC increased right after to $56K just as it previously did after he posted a tweet.
Musk is no stranger to posting controversial and compelling Twitter posts about various industries as well as the crypto ecosystem. Just a few minutes ago, he changed his Twitter avatar with the growing frenzy including Bitcoin, and saying that it is only for a day. He already used the same avatar back in 2018 but Twitter blocked his account at the time and he suspected it was compromised. The price of BTC reacted in an instant and it traded to about $54,800 with it quickly spiking to a new ATH above $56K. The $1500 increase in a few minutes made BTC hit a new milestone in its market cap of $1 trillion.
This kind of interaction is the second time for Musk. He seemed more negative on the asset in the past saying that it is almost as bs as fiat money but that it was adventurous enough for an S&P 500 company. The avatar update is the second profile chance that he did in the past few weeks including BTC. Previously he changed his Twitter bio to say only “bitcoin” which also boosted the price of the asset rather instantly.ADVERTISEMENT
Despite his controversial engagements with the cryptocurrency, he seems to be bullish on the asset as Tesla recently purchased $1.5 billion worth of BTC in January this year. It’s also worth noting that some well-known crypto proponents updated their Twitter avatars as well and these include Max Keiser, Micahel Saylor, and Anthony Pompliano.
As recently reported, Tesla’s CEO Elon Musk urges the large DOGE holders to sell a huge chunk of their DOGE stash to ease up the distribution of the altcoin according to a tweet this morning. Whether this is a joke or not, Dogecoin’s wealth concentration issue is real and the reports suggest a single entity holds more than 27% of the entire altcoin market cap valued at over $7 billion at press time