Bitcoin jumps 14 per cent to two-week high after Elon Musk tag

Bitcoin jumped 14 per cent in Friday to attain two-week high after Tesla chief Elon Musk tagged the cryptocurrency on Twitter. Elon Musk has tagged the cryptocurrency in his Twitter biography. He simply wrote "#bitcoin" in his biography on the social media site. The cryptocurrency was trading at $37,800 as of 0936 GMT.

Elon Musk is known for making market-moving comments on Twitter.

GameStop Corp , which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted "Gamestonk!!", along with a link to the Reddit Wallstreetbets stock trading discussion group.

Add WION as a Preferred Source

Musk, in December, asked about possibility of converting "large transactions" of Tesla's balance sheet into bitcoin. He said this during Twitter exchange with a well-known advocate for bitcoin.

(With Reuters inputs)