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BTC Surges to $37K After Elon Musk Adds 'Bitcoin' to Twitter Bio
Is Musk just teasing the crypto community again?
Updated Sep 14, 2021, 11:03 a.m. Published Jan 29, 2021, 9:31 a.m.
Bitcoin witnessed a sudden double-digit spike to 10-day highs on Friday.
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The top cryptocurrency picked up a bid near $32,000 at around 08:30 UTC and jumped to $37,050, the highest level since Jan. 19, according to CoinDesk 20 data. The 15.7% rise happened in less than 15 minutes and more than reversed the early dip from $34,400 to $32,000.
While the exact reason for the bullish move is hard to define, prices surged after Tesla and SpaceX CEO Elon Musk changed his Twitter bio to mention the cryptocurrency. While the bitcoin community is keen for Musk to come out as a supporter, he seemingly enjoys dropping crypto mentions as something of a tease.
Around the time he changed the bio, Musk also cryptically tweeted:
In retrospect, it was inevitable
— Name (@elonmusk) January 29, 2021
Whether bitcoin's rise will continue isn't certain. Blockchain analytics firm CryptoQuant's "Exchange Whale Ratio," calculated by dividing the top 10 bitcoin inflow transactions in an hour by total exchange inflows, jumped to an eight-month high of 0.88 early Friday, warning of a possible price drop.
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However, "Elon's tweet overrides all other bearish signals," Ki-Young Ju, CEO of blockchain analytics firm CryptoQuant tweeted.
Documenting Musk's ostensible nod to the leading cryptocurrency, F2Pool, currently the largest mining pool by hashrate, embedded the tech mogul's latest tweet in Bitcoin block 668,197. "We wanted to do something special for the bitcoin community," a spokesperson from the mining pool told CoinDesk after mining the block.
Other bitcoin users planted the tweet on the blockchain too, like Zakk Lakin, technical lead at bitcoin exchange CoinCorner, who planted Musk's tweet in a single bitcoin transaction on Friday.
Reflecting Musk's huge social media influence, Google searches for "bitcoin" surged following his bio change.
The latest price rise marks an upward break of the recent $30,000 to $35,000 trading range. As such, more chart-driven buying may be seen. The cryptocurrency is currently trading near $36,100.
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See also: Coinbase to Become Publicly Traded, Announces Proposed Direct Listing of Shares
Update (Jan. 29, 14:24 UTC): Adds information about embedding Musk's latest tweet on the Bitcoin blockchain.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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