by Rushali 
Tesla CEO, Elon Musk’s endorsement of BTC on Twitter has not only raised the prices of the cryptocurrency to new all-time highs but also increased the social media activity of bitcoin to an all-time high.
CEO of crypto data provider The TIE, Joshua Frank has said that there have been $143000 tweets in the last 24 hours from non-bot accounts.
On Feb 8, the news of Tesla buying bitcoins has given a bullish sentiment to the market and the coin touched an all-time high of $47000 on Feb 9.
Frank has said that they are acknowledging the fact that there is retail. And there is a surge in trading activity, Twitter activity, price movement of the coins, which is not caused by the institutional investors. This recent bull run is fueled by Elon Musk.
And the tweets by Musk has taken the limelight from the launching of Ether futures on Feb 8. ETH tweet activity is 50% less than on Feb 7.
Both Ether and bitcoins have cooled down after hitting record highs.
Tesla will accept BTC as payment
Just like Microstrategy Tesla motors also planning to hold bitcoin reserves. On Monday, the company has filed with the Securities and Exchange Commission and announced that it has purchased around $1.5 billion in bitcoin, as an investment and store of value. But it is not clear that at what price and the number of coins purchased.
In January 2021, the company has updated its investment policy, and according to that Tesla is holding BTC between $35900-$45500 at an average price of around $35000.
And with these, the company is also going to offer its customers the option of buying their products with BTC, which will not be converted immediately it may add to their reserve.
This purchase also marks the entry of Elon Musk into the cryptocurrency world. Before this purchase, he was busy promoting the meme-based currency dogecoin on Twitter which in return fueled a bull run for the currency.
