BTC Soars To New ATH Above $56K Immediately

The ever-active on social media platforms CEO of Tesla and SpaceX has garnered the attention of the crypto community again by updating his Twitter profile with an avatar of Bitcoin. As with previous interactions initiated by Elon Musk, the price of the asset reacted by an immediate sharp increase.

• Musk is no stranger to publishing compelling and somewhat controversial Twitter posts regarding various industries, and his latest favorite seems to be the crypto ecosystem. Minutes ago, he did it once again by changing his Twitter avatar with the growing frenzy that includes Bitcoin and said it’s “just for a day.” 
• Interestingly, Musk had already used that same avatar back in October 2018. However, Twitter blocked his account at the time as it suspected that it was compromised.
• Nevertheless, the price of BTC reacted in an instant now as it traded at about $54,800 and quickly spiked to a new all-time high above $56K. With this $1,500 increase in a matter of minutes, bitcoin’s market capitalization reclaimed the $1 trillion mark once again.

• This is actually Musk’s second interaction with the first-ever cryptocurrency today. Earlier, he seemed more negative on the asset, saying that it’s “almost as bs as fiat money,” but adventurous enough for an S&P 500 company.
• Additionally, the avatar update is the second profile change that Musk has done in the past few weeks to include BTC. Previously, the eccentric billionaire placed only one word – “#Bitcoin” – on his Twitter bio, which also boosted the asset’s price rather quickly. On January 29, the Bitcoin price immediately spiked from $34K to $38K. 
• Despite his controversial short-term engagements with the primary cryptocurrency, he seems overall bullish on the asset as the electric vehicle company that he runs, Tesla, bought $1.5 billion worth of BTC in January this year. 
• It’s also worth noting that some of the most well-known crypto proponents updated their Twitter avatars as well in a similar BTC-related fashion. Those include the host of Keiser Report, Max Keiser, the CEO of MicroStrategy, Michael Saylor, and Anthony Pompliano.