Bitcoin (BTC) Price Pops 10% as Tesla's Musk Signals Another U-Turn on Bitcoin Payments

June 14, 2021 6:16 AM EDT

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Bitcoin (BTC) price closed almost 10% higher on Sunday to return to trade near the $40,000 handle after Tesla (NASDAQ: TSLA) CEO Elon Musk published a tweet that again moved the cryptocurrency market.

Responding to a Cointelegraph story about Sygnia CEO Magda Wierzycka blasting Musk for “price manipulation,” the Tesla CEO said:

“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.”

As expected, Bitcoin price soared on this tweet as Musk left the door open for accepting the cryptocurrency payments at Tesla in the future. After introducing Bitcoin as a payment option earlier this year, the EV company made a U-turn and stopped BTC payments amid concerns over energy that the Bitcoin mining process requires.

At 05:40 EST, BTC price trades at $39,130. Given yesterday’s surge in price, the world’s largest cryptocurrency closed the week over 8% higher. The 200 daily moving average line comes in at $42,481 as a next target for the bulls.



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