Bitcoin jumps over 7%, Ethereum up nearly 10% after Elon Musk and Jack Dorsey support
Twitter founder Jack Dorsey, who also owns the digital payments firm Square, has announced plans to launch a Bitcoin wallet
Most cryptocurrency traded higher in the last 24 hours, with Bitcoin adding more than 7% and Ethereum surging almost 10%. Both the virtual currencies are trading at $31, 919.88 and $1,975 respectively. The crypto prices have jumped as Tesla CEO Elon Musk on Wednesday said that he has invested in Bitcoin and Ethereum, and does not manipulate or dump digital currencies. His comments yesterday have led to a spike in the prices of Cryptocurrencies in the last 24 hours.
Other cryptocurrencies like Dogecoin, Polkadot, Binance USD and XRP were above 6%, while stable coins like Tether and Binance Coin showed a marginal increase of 0.01% and 0.2% respectively.
Top 10 Cryptocurrencies on July 22
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $31,919.88 | 7.11 |
| 2 | Ethereum | $1,975 | 9.76 |
| 3 | Tether USDT | $1.00 | 0.01 |
| 4 | Binance Coin | $290.87 | 0.29 |
| 5 | Cardano | $1.16 | 7.68 |
| 6 | USD Coin | $1.00 | 8.55 |
| 7 | XRP | $0.563 | 6.01 |
| 8 | Dogecoin | $0.189 | 7.49 |
| 9 | Binance USD | $12.07 | 8.04 |
| 10 | Polkadot | $1.00 | 0.01 |
*All prices as on 22 July 2021, at 8:45 AM, Table Source:coinmarketcap.com
Elon Musk backs Cryptocurrencies
In an online panel discussion involving Twitter found Jack Dorsey, Musk said that he believed in Cryptocurrencies playing a major role in increasing the power of the individual with the government. The Tesla boss has also invested in Dogecoin, in addition to Bitcoin and Ethereum.
Despite the volatility and the losses incurred by him, when the prices of these Cryptocurrencies decline he does not intend to sell them.
He was quoted in the forum sponsored by Crypto Council for innovation saying “I pump but I do not dump”.
Musk also added that Tesla would resume auto sales in Bitcoin which he suspended citing environmental concerns in using high energy for mining of the Cryptocurrency.
Jack Dorsey plans to launch Bitcoin wallet
Twitter founder Jack Dorsey, who also owns the digital payments firm Square, has announced plans to launch a Bitcoin wallet. He said that he was a staunch believer in the currency as a way to reduce transaction costs and improve people’s lives.
He also added that Bitcoin is a native currency for the internet that would allow more people to make cross border payments and facilitate different online business models.