Thanks to news from Elon Musk’s Tesla car company that Crypto markets have added $100 billion in an hour as Tesla accepts bitcoin as one of its payments. With a series of raises and new sponsorship deals, Crypto projects continue their progress towards the mainstream. 

Tesla’s Bitcoin & Elon effect

The whole crypto market is listening when Elon talks about Bitcoin. Early in European business hours, it was not different as Tesla CEO announced that Bitcoin would be accepted as payment for one of their cars.

While this is sufficient to keep markets up by Tesla’s Bitcoin & Elon’s effect – the CEO also announced that the company will hold cryptographically the money it receives. The world market cap was around 1.6 trillion dollars and suddenly rose to 1.7 trillion dollars.

Elon is very active on twitter.com and recently declined a NFT 1M Offer

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The price of Bitcoin headed north within minutes of the announcement. It was trading at approximately $54,000 overnight on its side, but started climbing aggressively and is now comfortable at 56,000 dollars.

BTC/USD.IMAGE: Decrypto

The news has spread throughout the wider markets, increasing Ethereum by 1.3% and Binance by 1.24%. Indeed, Tesla’s Bitcoin & Elon Musk effect has been used for almost all the major cryptocurrencies, in the look of the price tables. 

The Elon Musk effect. IMAGE: Nomics

Ripple has been the only project that did not feel the warmth of Musk, as its price cools from previous weekly growth and Uniswap and its Eth-powered markets. Theta Token continues with its bubbling warm streak, which increases its price by another 26%. 

Crypto Market’s Boom

The streaming service has been on a wave of popularity since Sony announced that it was a network node and now it was promised a staking token later this year. Crypto has made serious cash movements outside the monetary markets. 

This morning, the London-based company blockchain.com has raised $300 million to provide the company with $5.2 billion in valuation for a number of crypto-monetary services to retail and institutional clients. 

It’s the third biggest increase in the relatively brief crypto history, with Bitmain only raising more (400 million dollars) and Block Fi (350 million dollars). In the meantime, Stateside, Crypto Exchange FTX announced its signing of a 19 years contract to be a sponsor for the Miami Heat Arena, the first crypto-sponsored sports venue in the United States.

It is not surprising that young investors buy cryptography for this thrill. The UK Financial Watchdog, the FCA, says that the FCA’s findings were key factors behind its decision to invest for many investors, emotions, and feelings like investing excitation as well as social factors like the status deriving from a sense of belonging to the companies they invest in.

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