Cryptocurrencies rebounded Wednesday as shorts covered positions ahead of Tesla CEO Elon Musk’s appearance at The B Word Conference.
Bitcoin was trading at around 32,000 at this writing and is up 8% over the past 24 hrs. The price bounce reflects positive sentiment in an attempt to reverse a monthlong downtrend largely driven by regulatory uncertainty.
During The B Word conference Wednesday, Mr. Musk boosted Bullish sentiment as he announced that SpaceX, 1 of the companies he founded, holds Bitcoin on its balance sheet.
Mr. Musk also stated that he personally owns Ether. The announcement contributed to the rising prices across cryptocurrencies Wednesday with Ether breaking above 2,000 for the 1st time since 14 July.
Latest prices for Cryptocurrencies:
Bitcoin (BTC) $31684, +6.06%
Ether (ETH) $1942.6, +8.29%
Have a prosperous day, Keep the Faith!