Barry Silbert Tweet Sends Bitcoin To $65k For The First Time In Over A Month

Bitcoin has hit the $65,000 mark today, after weeks of trading above $60,000. The foremost cryptocurrency hit the price for the first time in over one month. It last traded above $65,000 on October 1, 2021. The increase came after a tweet by a respected crypto community member yesterday.
What Happened?
CEO of Digital Currency Group, Barry Silbert, tweeted yesterday. The tweet, though it had no crypto undertones, expressed his optimism that the new week would be “big”. But he didn’t need to make a specific reference to any coin; Silbert is known as a Bitcoin lover who has demonstrated his loyalty to the token. Silbert is also one of the few well-known figures whose single tweet can trigger some price action on the Bitcoin chart.
In true fashion, his Twitter followers reacted with a massive 12k likes, as of press time. Shortly after that, today, Bitcoin has rallied by a respectable 6.4% and, as of now, trades at $65,841.54 on Coinmarketcap. Bitcoin’s rally has also impacted Ethereum; the second-largest coin now trades at $4,728.23 after gaining 3.84% today.
Why is Bitcoin Rallying?
There is an increased buying pressure on Bitcoin with the bulls inning in the last 24 hours. Perhaps in reaction to Silbert’s tweet, Bitcoin’s trading volume also increased by a whopping 20% to $33.3 billion. Behind this is a ready pool of investors with massive spending power. Just yesterday, Elon Musk, another known crypto lover, announced that he would sell 10% of his Tesla stock, with around $45 billion, if a poll that he created to decide it, reached a yes conclusion.
In response to Musk’s announcement, MicroStrategy’s CEO, Michael Saylor, tweeted that Musk should consider purchasing Bitcoin with the money. If Musk does sell the stock, speculators who are seeking to get on the trend early enough might be increasing the buying pressure.
Silbert’s company, Digital Currency Group, has a market valuation of $10 billion. The company reached that landmark earlier in November. Digital Currency Group controls Grayscale, one of the largest Bitcoin owners.
Bitcoin Price Prediction
The bitcoin chart shows a strong bullish move on the weekly and daily charts. The bullish run which began in late August seems to be catching a new fire. Bitcoin is now only 1.8% away from reaching its all-time high price of $66,930. If it breaks that resistance line, the coin is backed for higher price movements.
Several analysts have predicted that Bitcoin will hit $100,000 by the end of 2021. The current price movement looks interesting by the day. Future events such as updated security protocols on layer-2, the Metaverse development, improved Bitcoin mining systems, and the approval of Bitcoin-ETFs in the US will have a positive impact on the coin’s price.
Popular crypto promoters such as Elon Musk and Barry Silbert will definitely have a part to play in influencing the bullish season.
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