Elon Musk Endorses Bitcoin, Sparking Price Rebound Amid Market Concerns
- On October 14, Elon Musk stated, “Bitcoin is based on energy,” emphasizing its authenticity compared to fiat currencies.
- Following Musk’s endorsement, BTC price rebounded to $112,011 after hitting a low of $111,569.
- Trading volume for BTC decreased by 18% in the last day, indicating reduced trader interest ahead of a key speech from FED Chair Jerome Powell.
- The total BTC futures open interest rose by just 0.1% to $72.98 within an hour but was down nearly 3.50% over the past day.
Musk’s comments come during a period of heightened concern about potential crashes in the crypto market and amid discussions on government spending and national debt levels.
Elon Musk’s remarks led to a cautious rebound in Bitcoin prices, which are currently at $112,011 following significant market fluctuations.(Source)
