In an already turbulent and volatile week for the financial markets, with the shorted stock prices of companies like GameStop surging, eyes returned to the world of Bitcoin after Elon Musk added “#bitcoin” to his Twitter bio.
After the CEO of SpaceX and Tesla, Inc., added the hashtag early on Friday morning, Bitcoin prices skyrocketed by as much as 20%, climbing suddenly in the early hours of the morning. According to cryptocurrency site CoinDesk, Bitcoin prices rose $5,000 in an hour to $37,299, increasing further to $37,653 by 8.00 a.m. ET.

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