Cryptocurrencies were trading with gains on Monday after Elon Musk on Sunday said that Tesla will use Bitcoin when mining cleaner, sending the cryptocurrency’s price over $39,000 level.
As per CoinDesk, Bitcoin surged over 10% in the last 24 hours to trade $39,794.57, adding $3,404 to its previous close. Ether, the coin linked to the ethereum blockchain network, jumped around 5% to trade near $2,500 level while Dogecoin was trading at $0.32. Other digital coins like XRP, Litecoin also rose over 5% in the last 24 hours.
Bitcoin, the world’s biggest and best-known cryptocurrency, is up 40.7% from the year’s low of $27,734 on Jan. 4.
Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy. Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns that the computers used to “mine” it use too much energy.
Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, “you can now buy a Tesla with Bitcoin,” only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions.
(With inputs from agencies)
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