Bitcoin recovers after Tesla boss announcement on cryptocurrency payments

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Bitcoin recovers after Tesla boss announcement on cryptocurrency payments

SINGAPORE, Jun 14 (Reuters) – Bitcoin rose to a two-week high on Monday, falling just shy of the $ 40,000 threshold, after another weekend reacting to tweets from Tesla CEO Elon. Musk, who said that his company could once again accept payments with the cryptocurrency.

* Bitcoin has been marked by Musk’s comments for months since Tesla announced a $ 1.5 billion purchase of the coin in February and said it would accept it as payment for its cars.

* Later, the executive said that the electric car maker would not accept bitcoin due to concerns about how mining the currency requires high energy use and contributes to climate change.

* “When there is confirmation of reasonable clean energy use (approximately 50%) by miners with a positive future trend, Tesla will resume bitcoin transactions,” Musk said on Twitter Sunday.

* Bitcoin rallied more than 9% after that message, topping its 20-day moving average, and rose slightly more in Asia to hit $ 39,838.92.

* “The market had been going through another round of correction over the weekend (…) until Elon Musk’s tweet to accept BTC again for Tesla purchases turned the tide,” said Bobby Ong, co-founder of the site. cryptographic analysis website CoinGecko.

* He added that the market also received support from the software company and the main sponsor of bitcoin, MicroStrategy, which raised 500 million dollars to buy the world’s leading digital currency.

* Bitcoin is up about 33% this year, but has tumbled from a record high of more than $ 60,000, amid a regulatory campaign in China and in the face of Musk’s seemingly wavering enthusiasm for the currency. Telsa shares are down roughly 30% since the company’s purchase of bitcoins.

(Reporting by Tom Westbrook. Edited in Spanish by Marion Giraldo)

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