Bitcoin Jumps almost $5000 in rapid move

A short while ago Bitcoin surged from earlier levels near 32k, to above 37k. The reason for the move is said to come from reports that the US billionaire, Elon Musk had placed the lead cryptocurrency on this Twitter page. Now those reports cannot be confirmed here, but if they are true then it pretty much sums up the crazy nature of the markets at the moment. Of course Crypto is massively prone to such spurious price action based on very little and if today is anything to go by, then it is a classic example of just that. Leaving that aside, it is what it is as they say. The move that unfolded took the price of Bitcoin from a low earlier at 31,997, to as high as 37,180. It has just now backed off that high, but the sharp nature of this price action has probably done enough to put anyone off selling it in the short term. That is unless Musk suddenly decides to remove all reference of Bitcoin from his Twitter page!