In cryptocurrencies, Bitcoin prices today continued to trade above the $32,000 level, bouncing back after sliding below $30,000 earlier in the week, as billionaire Elon Musk said that SpaceX owns the digital token and has no plans to sell it. As per CoinDesk, the world’s largest cryptocurrency by market capitalization was up over 2% to $32,705.39.
Other cryptocurrencies like ether, dogecoin also continued to gain after Tesla boss said that he personally owns the above three digital tokens, while Tesla and SpaceX both exclusively own Bitcoin. Ether, the coin linked to ethereum blockchain, was trading above the $2,000 level as it surged over 4% to $2,066. Dogecoin gained nearly 4% to $0.18. Digital tokens like Cardano, XRP, Litecoin, Stellar, Uniswap were also trading with decent gains over the past 24 hours.
Tesla Inc. already owns Bitcoin but Chief Executive Officer Musk revealed at a conference on Wednesday that his space exploration company SpaceX also does. Ark Investment Management LLC’s Wood said corporations should consider adding Bitcoin to their balance sheets, while Jack Dorsey described it as resilient.
Musk also said Bitcoin mining is “shifting towards renewable energy” and his company will likely resume accepting the cryptocurrency as payment for its electric cars. Tesla suspended purchases using Bitcoin in May on concerns about fossil fuel use in mining, triggering a slide in the digital currency.
Some $1.3 trillion has been wiped off the market value of cryptocurrencies since mid-May. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the U.S. and concerns about the energy needed by the computers underpinning it.
(With inputs from agencies)
Never miss a story! Stay connected and informed with Mint.
our App Now!!