Elon Musk's embrace of Bitcoin earlier this month week rocketed the cryptocurrency almost 50pc higher to more than $58,000 (€48,000). Bitcoin trimmed losses to 8pc after plunging as much as 17pc yesterday. It traded at around $52,782 in New York trading yesterday morning. It's widely believed that volatile weekend swings are driven by individuals trading the cryptocurrency at home. So it's also possible that prices fell on Monday as institutional crypto traders, who follow normal business hours, responded to Musk's Saturday tweet that Bitcoin prices "seem high."

Source: Irish Independent February 23, 2021 02:37 UTC