Bitcoin Rises by 20% After Elon Musk Changes His Twitter Bio to “#bitcoin”

Bitcoin jumped to $37,050, the highest level since Jan. 19 after Tesla and SpaceX CEO Elon Musk changed his Twitter bio to mention the cryptocurrency.

Altcoins including ethereum and XRP also jumped, as much as 5 per cent and 8 per cent respectively. 

Around the time of mentioning of the cryptocurrency Musk also tweeted:’In retrospect, it was inevitable.’

Elon Musk has a record of making market-moving comments on the site. GameStop Corp, which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted “Gamestonk!!”.