Bitcoin returned to around $ 30,000, after Tesla CEO Elon Musk discussed its outlook during the B word conference, which was hosted by the Crypto Council for Innovation (CCI).
Musk said that they will most likely accept Bitcoin payments again, once mining becomes less environmentally taxable. Meanwhile, Ark CEO Cathie Wood called the digital asset "deflationary protection."
All this pushed the largest cryptocurrency up by 8% to $ 32,820 per coin. Other cryptocurrencies, such as Ethereum and Digecoin, also posted gains.
Most recently, the crypto market declined and lost $ 1.3 trillion of its value. Bitcoin, for instance, faced many hurdles, including increased regulatory oversight in China, Europe and the United States. It also underwent pressure amid concerns about energy consumption.
Saxo Bank CIO Steen Jakobsen said since both Bitcoin and Ethereum fell below $ 30,000, an increase above $ 32,000 is needed to provoke a new upward trend. Proponents believe this is not difficult because Bitcoin is a good hedge against inflation, not to mention it is now gaining wider acceptance around the world. But such beliefs have always been controversial and are now even more questionable.
Even so, Oanda analyst Edward Moya remarked that regulatory and environmental concerns should improve before the end of the year, so Bitcoin should skyrocket again, unless there is a drop to $ 20,000.
