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Bitcoin is currently on a tumultuous ride thanks to Tesla CEO Elon Musk.
Twitter's CEO Jack Dorsey on late Friday (local time) was heckled at the Bitcoin 2021 conference held in Miami
Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin.
The cryptocurrency has lost 37% in May, which if sustained would be its worst monthly performance since September 2011.
Cryptocurrencies slipped on Thursday but without falling through recent lows, as enough traders clung to hopes that the asset class can claw its way back from last week's plunge
After giving a massive jolt to the cryptocurrency fans, Tesla CEO Elon Musk has now come forward to help form a Bitcoin Mining Council that will promote energy usage transparency
Bitcoin was trading 12% higher, at $37,655 as of 10:58 am in New York
Bitcoin climbed as high as $37,391
Asian shares got off to a cautious start on Monday as investors awaited key US inflation readings for guidance on monetary policy, while Bitcoin tried to steady after being hammered
Bitcoin's price is up nearly 16 per cent so far in 2021 after being up 122 per cent at one point
Bitcoin is now down 48 per cent, from the year's high
If the mega cryptocurrency has left you nervous, hold your nerves as there is a silver lining in the mayhem the crypto asset class experienced last week
Bitcoin rose after Musk's post to trade at around $38,150 as of 12:27 p.m. London time
The world's largest and most popular cryptocurrency last traded down more than 6% at $38,293 after holding the $40,000 level for most of the Asian and London sessions
Bitcoin was little changed on the day at $40,256 on the Bitstamp exchange.
Despite downside risks and this week's volatility -- which saw Bitcoin slide about 31 per cent and jump roughly the same percentage on Wednesday -- crypto bulls are undaunted
Investors with low appetite for volatility must avoid it altogether
There were signs that a top was near, from the Coinbase IPO to Elon Musk on Saturday Night Live. But the cryptocurrency has risen from the dead before
Analysts said the upheaval was far from over.