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Bitcoin rebounds to nearly $40,000 on Musk tweet

By Aaron Woolner

02:28, 14 June 2021

Tesla to establish green credentials before resuming Bitcoin trading

Bitcoin rebounded over the weekend to close at  $39,035.47, on the back of a tweet from Elon Musk saying that electric carmaker Tesla would resume its use of the cryptocurrency once it had proved its green credentials. 

Bitcoin’s close was up 9.83% at 22:05 GMT (UST+1), a $3,492.71 uplift to its previous days close after Musk said on the social media that Tesla’s decision to dump 10% of its holdings was to demonstrate there was a liquid market for the cryptocurrency and that it would reverse its decision on accepting Bitcoin for car purchases once environmental targets had been hit. 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk tweeted.

Tanzania targets bitcoin 

Ether also had a positive weekend, with its price rising 7 % on Sunday to  $2,532.77 – adding $165.77 to its previous close.

Bitcoin’s price was also supported by comments from Tanzania’s president, Samia Suluhu Hassan, who told the top country’s financial sector to prepare to use the cryptocurrency. 

BTC/USD

98,952.75 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,322.97 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

ADA/USD

0.93 Price
+15.650% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

XRP/USD

1.45 Price
+20.710% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

“I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the central bank is that you should start working on that development. The central bank should be ready for the changes and not be caught unprepared,” she said in a CityAM report. 

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Legal tender

The report did not specify exactly what role Bitcoin would play in the East African nation’s economy, but Hassan’s comments come after fellow frontier market El Salvador became the first currency to accept the cryptocurrency as legal tender.

Tanzania and El Salvador’s moves are part of a broader trend of governments globally accepting the use of cryptocurrencies. Last week, India appeared to reverse a previously hostile stance on Bitcoin, with local media reporting the government  is considering a new law to regulate cryptocurrency trading in the country and is also weighing the possibility of approving bitcoin as an asset class

Major shift

This represents a significant turnaround in India policymakers’ thinking following a 2018 ban on cryptocurrency transactions which was overturned by the country’s supreme court in 2018. 

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Read more: El Salvador accepts Bitcoin as legal tender

 

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