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Bitcoin Tests $17K as Crypto Markets Add $40B on Musk and Binance Tweets (Market Watch)

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The cryptocurrency markets gained over $40 billion in hours following the tweets of CZ and Elon Musk.

The past 24 hours have been quite dynamic in terms of pricing on the cryptocurrency market. Bitcoin dropped below $16K, only to soar back toward $17K later, followed by the rest of the cryptocurrencies.

This happened after both CZ and Elon Musk tweeted out news that was obviously perceived positively.

Bitcoin Testing $17K

Bitcoin’s price went through a bit of a rollercoaster over the past 24 hours. The situation was looking rather grim until a few hours ago, as the cryptocurrency was headed south and traded below $16K.

On Binance, BTC reached an intraday low at around $15,800, but that was before CZ and Elon Musk tweeted earlier this morning. Binance’s CEO revealed that his company will spearhead an “industry recovery fund” intended to help projects that are strong but currently experiencing liquidity crisis. He didn’t specify what qualifies as “strong” but said that more information will be revealed soon.

At the same time, Elon Musk said that Bitcoin will make it in a response to a tweet asking where BTC will be in one year from now.

This had an immediate effect on the price, which shot up toward $17K, consolidating at $16,700, where it currently trades.

btc_price_chart_141102
Source: Binance via TradingView

Altcoins Follow Through

Most of the leading altcoins also followed through, charting intraday gains in the range between 1% and 5%. ETH is up by about 2.7%, BNB – by 1.6%, and so forth. Solana jumped by 7.7% in the past 24 hours and MATIC is also up around 4.4%.

crypto_market_heatmap_1411
Source: Quantify Crypto

Meanwhile, the biggest gainer over the past day is Trust Wallet’s TWT token which soared by a whopping 46%. KCS is the second-best performer with 15% gains, the same as Axie Infinity’s AXS.

On the

other hand, QNT, XDC, and NEXO are the worst performers, all down by about 4.5%.

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