Bitcoin slips below US$38,000 in a retreat from Monday s rally
Vildana Hajric and Eric Lam, Bloomberg News
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Bitcoin traded lower on Tuesday as prices pulled back from a double-digit percentage rally, stoked by Elon Muskâs effort to bolster the tokenâs green credentials on Twitter.
The largest digital currency slipped 4.6 per cent to trade at US$37,250 as of 7:43 a.m. in New York, following a 16 per cent jump on Monday. The wider Bloomberg Galaxy Crypto Index and tokens including Ether also dropped.
The Tesla Inc. billionaire has roiled the tokenâs price this month, triggering a selloff by criticizing its energy profile and suspending Bitcoin payments. Heightened regulatory rhetoric on cryptocurrencies from China also pressured the sector.
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The largest digital currency rose about 1% to $39,400 in early Asian trading, following a 16% overnight jump. The wider Bloomberg Galaxy Crypto Index climbed 2%, with tokens such as Ether also pushing higher.
Musk took to Twitter to signal support for an apparent effort by Bitcoin miners to make their operations more environmentally friendly. The billionaire has roiled the token’s price this month, triggering a selloff by criticizing its energy profile and suspending Bitcoin payments to Tesla Inc. Heightened regulatory rhetoric on cryptocurrencies from China also pressured the sector.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
Bitcoin held gains Tuesday after Elon Muskâs effort to bolster the tokenâs green credentials stoked a rally, extending a bout of marked volatility in the wake of last weekâs crypto rout.
The largest digital currency was little changed at $38,800 as of 7.35am in London, following a 16 per cent overnight jump. The wider Bloomberg Galaxy Crypto Index and tokens including ether were steady.
Mr Musk took to Twitter to signal support for an apparent effort by bitcoin miners to make their operations more environmentally friendly. The billionaire has roiled the tokenâs price this month, triggering a selloff by criticising its energy profile and suspending bitcoin payments to Tesla. Heightened regulatory rhetoric on cryptocurrencies from China also pressured the sector.