Bitcoin climbs near US$40,000 after Musk says Tesla could use it again

LONDON: Bitcoin climbed to shy of US$40,000 on Monday , after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin rallied more than 9 per cent after that message, breaking above its 20-day moving average, and climbed further in Asia to hit US$39,838.92.It was last up 0.5 per cent at US$39,189, straining to escape the relatively tight trading range of this month.The market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin, said Bobby Ong, co-founder of crypto analytics website CoinGecko.

Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia , who in a radio interview last week accused him of"price manipulation" and selling a"big part" of his exposure."This is inaccurate," Musk said."Tesla only sold ~10 per cent of holdings to confirm BTC could be liquidated easily without moving market.

Waiting for China to act…. then price will fall….. buy,

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