BTC Bulls Revive Following Elon Musk’s Tweet

On Sunday, SpaceX and Tesla founder Elon Musk tweeted that his car firm would resume BTC transactions. Keep in mind that the CEO banned BTC payments in May, citing the dangers that crypto mining has to the environment.

While writing this, BTC gained 12.83% since yesterday to trade at $39,538 and a 45.2% dominance.

The current price movements declare that the top cryptocurrencies have been hovering around the lower zones, ranging from $30,000 to $40,000 levels since early last month, suggesting gradual consolidation.

At the moment, the BTC market indicates increased investor buying capacity. Elon Musk’s tweet about Tesla resuming to accept Bitcoin is the reason behind the recent surge. Tesla CEO admitted that his company would consider the leading coin if crypto miners could achieve 50% green energy.

The comment boasted faith among bulls with long-term objectives on the leading crypto amid the current calls to stiffen crypto regulations.

Keep in mind that market players have been working on the crypto power usage subject over the past weeks. Now, Tesla has one condition to resume cryptocurrency activities.

As a result, the Tesla executive restated his earlier comments on the company selling 10% of its BTC holding. It seems like the car dealer did not sell its crypto holding anymore. That triggered a bullish attitude on the asset on Monday morning.

With the recent upticks, Bitcoin saw its total market cap settling at around $740 billion, a 45% crypto dominance.

Meanwhile, keep in mind that the crypto coin remains 38% down from its highest value of $64,778 back in April. Tanzanian President Suluhu Hassan’s remarks seem to add stronger sentiments in the BTC market. The president advised its central banks to reform their banking activities, adding cryptocurrencies as the future of money. The reports gave BTC bulls the required momentum, as the coin aims at the $40,000 resistance level.

With the recent changes, the flagship cryptocurrency records its highest surges in five days as the positive news increases the coin’s buying pressure.

What is the possibility of Tesla accepting BTC payments again? Do you think that the market crash is over? Comment in the section below.