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Bitcoin and Shiba Inu Cryptocurrency in the Crypto Spotlight

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Bitcoin and Shiba Inu Cryptocurrency in the Crypto Spotlight

The worlds most popular cryptocurrency Bitcoin has now surpassed $40,000 for the first time in more than three weeks. Bitcoin cryptocurrency had previously been unable to break above the $40,000 mark since May 21.

However, the flagship cryptocurrency has jumped by 13% to currently trade at $40,539 off the back of a bullish run triggered by Elon Musk’s recent Tesla tweet. The world’s second-richest man and SpaceX CEO revealed that Tesla will resume Bitcoin payments for its electric cars if energy concerns were addressed.

Bitcoin’s price rose by 9% to trade at $39,580 following Elon Musk’s tweet. Investor confidence shot up as traders moved to purchase more bitcoin. Although Musk had disclosed that the automaker sold about 10% of its 43,000 BTC holdings, this failed to influence the upsurge in prices.

Bitcoin’s latest rally may also have been helped by El Salvador’s move to adopt bitcoin as legal tender for everyday transactions. On another hand, Microstrategy’s plan to purchase an additional $500 million worth of bitcoin appears to have incentivized several investors as well.

Shiba Inu cryptocurrency jumps

Other crypto prices have bounced back amid positive market sentiment. Dogecoin, BNB ,Ethereum and Shiba inu cryptocurrency prices have each gone up by 6.1%, 11.5%, 8.7% and 9.5%. Shiba Inu cryptocurrency is up around 9.5 percent on the day, having been down around 20 percent over the past week.

The meme token, which presents itself as a rival to Dogecoin and uses the same breed of dog as its mascot, is currently worth $0.0000068 with a market cap of $2.68 billion. Dogecoin is currently worth $0.32 with a market cap of $41.8 billion.

There is no information on the person who created Shiba Inu cryptocurrency—they are known by the pseudonym Ryoshi—which is regarded as a bad sign in terms of legitimacy.

Meanwhile, a petition calling on trading platform Robinhood to list Shibu Inu has gained more than 130,000 signatures.

Robinhood currently makes seven cryptocurrencies available for trading on its platform: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

It is unclear when or if Robinhood will list Shiba Inu on its platform. The company has previously declined to discuss the process it uses to select tokens or other tradable assets.

Source: News Week, Bloomberg

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