# Elon Musk's recently-sparked Bitcoin rally has almost evaporated | Tech News (HT Tech) > A jump in the price of Bitcoin sparked last week by Elon Musk’s Twitter profile had largely unwound by Monday. # Elon Musk's recently-sparked Bitcoin rally has almost evaporated ## A jump in the price of Bitcoin sparked last week by Elon Musk’s Twitter profile had largely unwound by Monday. Aug 21 2022, 14:49 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Musk recently caused an overload on secure messaging app Signal's servers, after tweeting “Use Signal” following WhatApp's latest privacy controversy.](https://images.hindustantimes.com/tech/img/2021/02/01/1600x900/2020-11-06T231742Z_1691383754_RC2ZXJ9AUYA7_RTRMADP_3_TESLA-BEVERAGES_1606221546716_1606221561157_1612162216719.JPG) Musk recently caused an overload on secure messaging app Signal's servers, after tweeting “Use Signal” following WhatApp's latest privacy controversy. (REUTERS) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG A jump in the price of Bitcoin sparked last week by Elon Musk’s Twitter profile had largely unwound by Monday. The cryptocurrency surged as much as 16% Friday, touching $38,627, after Musk changed his Twitter profile to “#bitcoin.” While the reference was still visible Monday, Bitcoin was back at around $33,600 as of 2 p.m. in Tokyo. Cryptocurrencies have been buffeted recently by volatile retail-investor demand shaped online in Twitter feeds and Reddit forums. Dogecoin -- a Shiba Inu-themed digital coin that started as a joke -- rallied into the top 10 cryptocurrencies by market value last week before plunging over the weekend. Also read click here. Also read: Harvard, Yale and Brown university endowments among those reportedly buying cryptocurrency Bitcoin has shed about $8,000 since reaching an all-time high of almost $42,000 in early January but remains up more than 250% in the past year. Some argue Bitcoin is winning a wider investor base because it’s muscling in on gold as a hedge for risks such as dollar weakness or faster inflation. Others see a precarious rally propelled largely by speculation atop a tide of stimulus. The digital asset could be due for a “drawdown” because its price ascent is “steeper than any other financial innovation or asset bubble of the past 50 years,” John Normand, a strategist at JPMorgan Chase & Co., wrote in a note Friday. Read more: What Bitcoin teaches us about risky investing Musk and his tweets are popular on the microblogging site, regularly ‘disrupting’ the markets with a few words or a change to his profile. He recently caused an overload on secure messaging app Signal's servers, after tweeting “Use Signal” following WhatApp's latest privacy controversy. Bitcoin rose 3% to $33,560 as of 2 p.m. in Tokyo on Monday. The wider Bloomberg Galaxy Crypto Index, which includes Bitcoin and second-ranked Ether, dipped 2%. - With inputs from HT Correspondent Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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