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Musk adds his support for Bitcoin again

22 Jul, 2021

Yesterday Bitcoin continued to rebound that rebound led to a move back above 31k and then after the European close 32k was reclaimed. The price spiked further ahead of the US close as Elon Musk added his vocal support to the lead cryptocurrency. Musk noted that his space exploration company, SpaceX also owns Bitcoin. Well, that was enough of an admission to get all his loyal crypto followers buying the lead coin once again. The price lifted to as high as 32,820 on that revelation. It also received support from another leading name yesterday, when the Ark Investment management CEO, Cathie Wood said firms should consider adding Bitcoin to their balance sheets. Well, of course this all looks a little contrived, but then again we should not be surprised as Bitcoin was poised to fall further, having broken back below 30k the day before. However, price has dropped back below 32k this morning as the market seems to consider; whether or not this latest bout of verbal intervention can change the overall direction. Bitcoin has traded back to a low as 31,703 this morning and it is currently trading at 31,880
 

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