Elon Musk’s typo tweet triggers Bitcoin surge as cryptocurrency on track for biggest bounce in MONTHS

The-sunApr 26, 2021Read original

BITCOIN is on track for its biggest bounce since February after Elon Musk made an intentional typo.

The tweet appears to have re-instilled faith in the world’s largest cryptocurrency.

Bitcoin was up 5.79 per cent at $53,420.

This was up from an overnight low of $47,079 after a two-week plunge, according to CoinDesk.

It comes after the cryptocurrency set a record of $64,829 earlier this month.

It fell below the 100-day moving average late last week for the first time since early October after JPMorgan Chase warmed its upward momentum could be at risk.

Musk took to Twitter early Saturday morning, using an intentional misspelling of the word "hold" that refers to a popular bitcoin and crypto meme that originated in 2013.

He tweet: "What does the future hodl?"

According to Investopedia: "HODL is a term derived from a misspelling of 'hold; that refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies."

This latest nod to bitcoin comes ahead of Tesla’s quarterly results set to be released today.

It will be the first since the electric car maker added $1.5 billion worth of Bitcoin to its balance sheet.

Tesla is "on a trajectory to make more from its bitcoin investments than profits from selling its electric vehicle cars in all of 2020," Wedbush Securities analyst Daniel Ives estimated in a late February note.