MTS Help Center

The crypto market edged higher Monday after a week of hell during which billions of dollars were wiped off the value of bitcoin and ether.

The price of Bitcoin rebounded above the $39,000 level Monday after plummeting to less than $32,000 on Sunday.

Elon Musk says he talked to ‘North American Bitcoin miners,’ sending bitcoin price surging

The price of bitcoin jumped about 4% Monday afternoon after Tesla CEO Elon Musk tweeted that he was having active discussions regarding the sustainability of the digital coin.

Shares of the world’s largest cryptocurrency jumped more than 20% to $39,739.40 by 4:06 p.m. ET, according to Coin Metrics, after Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor tweeted about meeting with North American bitcoin miners about “sustainability initiatives.”

Musk posted on Twitter: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

Within minutes, the price had shot up to more than $39,500. Overall, the coin is up more than 17% in the last 24 hours.

Microstrategy CEO Michael Saylor followed up on Musk’s tweet, saying he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.

Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including bitcoin, several times in the past year. His tweets and comments around cryptocurrency often send the prices soaring or plunging.

Reference: CNBC