Bitcoin Price Wobbles Around $6,500; Twitter Blocks Elon Musk Following Cryptic Tweet

Bitcoin’s price rose slightly on Wednesday, though a dearth of trading catalysts kept momentum subdued following a mostly lackluster week of activity. Meanwhile, Twitter has reportedly locked Elon Musk out of his account after the Tesla founder issued a cryptic tweet encouraging users to buy bitcoin.

BTC/USD Update

The bitcoin price reached a session high of $6,522 on Wednesday, according to data provider CoinMarketCap. On Bitfinex, BTC clocked highs of $6,626.30. At the time of writing, the digital currency was trading hands at $6,491 on most major exchanges and $6,600 on Bitfinex. Compared to a week ago, BTC values are little changed.

As Hacked reported last week, bitcoin’s large premium on Bitfinex followed a brisk selloff of USDT, a controversial stablecoin that is used purchase BTC and other leading digital currencies.

Bitcoin’s 24-hour trade volumes declined on Wednesday, reflecting an overall tepid trading environment for digital assets. BTC volumes have fallen to around $3.4 billion compared with $3.7 billion on Tuesday. BitMEX, a leading derivatives platform, processed roughly 15% of bitcoin’s daily volume.

At current prices, bitcoin has a total value of $112.6 billion, which represents 53.6% of the entire market. The overall cryptocurrency market cap was worth $210.1 billion with daily trade volumes amounting to just $9.6 billion. Most major assets were little changed.

Elon Musk Locked Out of Twitter Account

Twitter’s hyper-active community managers have apparently locked Elon Musk out of his account after the billionaire made a tongue-in-cheek remark about buying bitcoin. The tweet, which appeared on Monday, was made in a thread about Musk’s apparent love for anime.

The image was created on a website called Cryptocurrency Girls, which transforms digital assets into anime characters.

Musk says the ‘buy bitcoin’ tweet led to his account being temporarily blocked by Twitter over suspicion he may have been hacked.

“For privacy and security reasons, we don’t comment on individual accounts,” a Twitter spokeswoman told BBC.

As of Tuesday, Musk appears to have regained full control of his Twitter account, as per the following tweet:

Musk’s cryptic tweet has received mixed reviews from the crypto community. While many acknowledge that the tweet was likely a joke, Binance CEO Zhao Changpeng said he was willing to buy a Tesla vehicle if it accepted bitcoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to and Contributor to, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi