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Bitcoin is on the Rise, Up 11% at $38,800

© REUTERS / Dado RuvicRepresentation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020
Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020 - Sputnik International, 1920, 24.05.2021
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Bitcoin has been experiencing explosive growth since the last year up to recent weeks.

Bitcoin has continued its daily growth after a recent decline, hitting a daily high at 38,800 US dollars.

Bitcoin price has been declining recently, starting at the moment when tech Billionaire Elon Mask criticised the biggest cryptocurrency in the world, pointing at the energy consumption needed to support Bitcoin.

Tesla and SpaceX Chief Executive Officer Elon Musk listens to a question as he speaks at the SATELLITE Conference and Exhibition in Washington, 9 March 2020 - Sputnik International, 1920, 17.05.2021
Bitcoin Tumbles After Musk Fails to Disclose Rumours That Tesla Sold its Bitcoin Assets

​In January, months prior to that, Tesla announced that it had invested $1.5 billion in Bitcoin, which propelled the then-growing currency's value further.

This month, however, Musk announced that his company would no longer accept bitcoin payments citing environmental concerns about the cryptocurrency.

He also gave an impression on Twitter that Tesla might have dumped its Bitcoin holdings, prompting the cryptocurrency to nosedive. Musk later refuted the rumours about the sale, but the damage was done.

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