Cryptocurrency markets were upbeat on Tuesday with popular cryptocurrencies trading in positive territory.
While it pared gains for a short period, Bitcoin was trading just over $40,100, up over 1.50 per cent, at 12:50 pm.
While Musk’s tweet was specifically about Bitcoin, it seems to have given a boost to the overall cryptocurrency market that has been facing wild swings since last month.
Meanwhile, cryptocurrency investment products and funds saw outflows for a second straight week, according to data from digital asset manager CoinShares.
It may be noted that Ether has been one of the strongest performers in this calendar year.