Bitcoin’s Twitter-volume spikes to new all-time highs on Elon pump

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Social media exercise for Bitcoin is at an all-time excessive following an enormous endorsement from Tesla CEO, Elon Musk.

Talking to Cointelegraph, co-founder and CEO of crypto information supplier The TIE, Joshua Frank, famous there have been 143,000 tweets during the last 24 hours from “non-bot accounts.”

The brand new document beats out the earlier excessive of 140,000 from Jan. 3, 2021.

Historic BTC tweet quantity: The Tie

On Feb. 8, information that electrical car maker Tesla had added Bitcoin to its balance sheet despatched costs and market sentiment to document highs. BTC prices hit an all-time high of $47,500 in early Asian buying and selling on Feb. 9.

Frank described the surge in social engagement as evidencing bullish sentiment amongst retail merchants:

“I believe that it is positively clear that retail is right here. We’re seeing completely large surges throughout the board in twitter exercise, buying and selling exercise, and value motion for altcoins which establishments will not be touching. In the present day’s motion can completely be attributed to Elon Musk, however BTC social exercise has been on a tear all yr.”

Musk’s tweet seems to have captured crypto-Twitter’s consideration away from CME’s extremely anticipated launch of Ether futures contracts on Feb. 8, with Frank noting that Ether’s Twitter-volume had slumped by half after not too long ago having fun with sustained document highs:

“ETH twitter exercise was crushing all-time highs not too long ago however wasn’t large right now, down about 50% vs. yesterday,” he mentioned.

Historic ETH tweet quantity: The Tie

The run-up to the launch of CME’s Ether futures captured the imaginations of each institutional and retail merchants alike, with ETH merchandise representing 80% of last week’s institutional crypto inflows.

Each Ethereum and Bitcoin’s costs are at the moment cooling after posting new document highs earlier right now. As of this writing, the mixed crypto market capitalization is sitting at $1.4 trillion.