Elon Musk accelerated the growth of the bitcoin price, and the Binance crypto exchange temporarily suspended the withdrawal of funds

Elon Musk mentions bitcoin on his Twitter, after which the coin goes up by 20%

IT entrepreneur Elon Musk changed his Twitter page description to the word “bitcoin”. After that, the main cryptocurrency grew by 20% and returned to the $37,000 mark.

According to Coinmarketcap, the first cryptocurrency at the time of writing was worth $36,911. ETH is growing along with Bitcoin. Now the cost of the coin is $1,399.

According to the CEO of CryptoQuant Ki-Yong Joo, such a dynamics of the rate may indicate a possible decline in the value of BTC. However, the expert stressed that “Elon Musk’s tweet covers all other bearish signals.”

Binance has suspended withdrawals

Crypto exchange Binance has temporarily frozen the withdrawal of users’ funds. The platform representatives said that the number of requests from new users has increased significantly recently.

“Binance will be suspending withdrawals temporarily in order to address a large increase in requests from new unique users. Rest assured funds are #SAFU and we apologize for any inconvenience caused, ”the company said in a statement.

Earlier, Binance published a report on the preferences of cryptocurrency users, examining data from more than 60 thousand people.

According to the study, 55% of respondents invest in crypto assets as part of a long-term investment strategy. 38% prefer cryptocurrencies, as they do not trust the existing financial system. And 31% of respondents see digital asset investments as short-term trading opportunities.

Visa wants to expand the use of digital currencies on its network

Visa CEO Alfred Kelly said his company intends to work with wallets and exchanges so that users can buy cryptocurrency. Visa is ready to provide the ability to cash out and shop in fiat using cryptocurrencies.

The company sees great potential in assets backed by fiat, including stablecoins and central bank cryptocurrencies. According to Kelly, this type of asset is “a new payment innovation with potential for global trade.”

“It goes without saying to the extent specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today,” said Kelly.

A “crowd” of investors who won investment funds comes to the crypto market

The retail trader community, united under the r/WallStreetBets subreddit on the Reddit platform, has opposed large funds that have taken short positions in GameStop (GME) with confidence in the imminent collapse of the company in trouble.

A significant number of retail investors, following calls on social media, increased their purchases of GME, which led to the elimination of short positions. This further strengthened the effect of the growth in the company’s share price. The community has already received attention around the world, including by regulators.

Meanwhile, on January 28th, Reddit users took up DOGE. After a tweet from one of the leaders of the movement, the coin renewed its historical maximum, the token rate at its peak reached $0.026, which in percentage terms is an increase of 240% per day.

From the tweet of the cryptocurrency expert DocumentingBTC, it follows that in the evening of the same day, the Robinhood broker, popular among the users of the WSB community, limited the possibility of buying DOGE, thereby stopping the uncontrolled growth of the crypto coin.

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