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The world richest man Elon Musk changed his Twitter bio to “Bitcoin”, just this one word caused the price of bitcoin to spike to a 10- day high of $38,020 and sparked $387 million worth of short liquidations on major exchanges.
A report from Google also showed that searches for Bitcoin surged after Musk’s cryptic endorsement of bitcoin, this could translate into more buying and stronger price gains.
Bitcoin is trading at $37,390 which represents a more than 15 per cent gain from the low of $32,00 over the week.
However, the crypto market leader turned bullish after Musk changed his Twitter bio and tweeted: “In retrospect, it was inevitable.”
This short liquidation is the largest since Jan 2nd when exchanges closed at $575 million.
