Cryptocurrencies
Speculative Frenzy Spills Into Crypto as Bitcoin Tests Highs
- Tesla’s Founder Elon Musk posts ‘#bitcoin’ with no explanation
- He also sparked a rally in Dogecoin with photo of a whippet
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The speculative frenzy that’s gripped a host of left-for-dead retail stocks spilled into the crypto world Friday, with Bitcoin surging as much as 16%.
The digital token rallied overnight after Elon Musk tweeted “#bitcoin” to his legions of followers and day traders were restricted from transacting some of their favorite stocks. It had plunged from a record earlier this month as day traders sought fatter returns in stocks like GameStop Corp. that caught the attention of members in Reddit’s WallStreetBets forum.