The value of Bitcoin skyrocketed by 20% on Friday after Elon Musk added the hashtag #bitcoin to his Twitter status, suddenly skyrocketing around 3:30 AM ET by $5,000 within one hour, it was trading at a value of $37,299, and at 8:00 am, its trading value had risen to $37,653.
Musk added the hashtag #bitcoin to his status on Friday morning, and also tweeted an ambiguous tweet saying, “Looking back, it was inevitable,” adding to the string of wild volatility that markets have experienced this week.
Shares of companies with a severe shortage of offers like AMC and GameStop surged as novice investors rush to buy their shares in a move inspired by the WallStreetBets forum on Reddit, and a group of investors led by a group called SatoshiStreetBets from Reddit helped drive Dogecoin’s price up 800% in just 24 hours.
The value of Bitcoin, which is considered the most expensive digital currency in the world, reached 41,940 dollars, its highest value ever, at the beginning of this month, before returning to decline a week later, and its value fell below the level of 30 thousand dollars last week, and the currency is still only 13% lower than its all-time high but 25% higher year-to-date.
It is worth noting that the value of Bitcoin quadrupled during 2020, and according to analysts, the rise is mostly due to increased investment in the currency by institutions, at the same time, shares of Polish company CD Projekt rose 12.6% on Thursday after Musk tweeted that he liked the company’s Cyberpunk 2077 game.