“Bitcoin on the verge of widespread acceptance”

Tesla CEO Elon Musk suggested in a debate at the Clubhouse on Feb.1 that Bitcoin (BTC) was on the verge of wider acceptance.

Clubhouse is an invitation-only voice chat social media platform. Members can participate in various discussions similar to online private conferences.

Elon Musk commented on Bitcoin

Musk made his views on Bitcoin during a discussion with Andressen Horowitz and other leading investors.

Tesla CEO added the word “Bitcoin” to his Twitter bio on Jan. 29, triggering a sudden 20 percent jump in the BTC price.

After this incident, Bitcoin investors and enthusiasts expected positive comments from Musk about crypto in general.

Musk requests a Bitcoin comment he answered:

“I think Bitcoin is a good thing. I’m a supporter. I think Bitcoin is on the verge of wider acceptance by traditional finance.”

So why did the Bitcoin price drop?

Bitcoin price dropped nearly 3 percent after Musk’s comment on the largest cryptocurrency.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview.com

There could be two reasons for this decline: Some may have waited for Musk to reveal his Bitcoin savings, or the market may have taken this statement with a “sell the news” approach.

Bitcoin price started to show weakness after the Elon Musk impact on Friday. Crypto money has increased close to 4 percent in the last 24 hours and is trading at around $ 34,500. Investors are closely watching the 34,500-35 thousand technical resistance that must be broken to prevent further declines in the short term.

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