Bitcoin and Dogecoin prices rise again after Elon Musk's tweets

Bitcoin and Dogecoin prices are on the rise again after Elon Musk’s latest tweets where he explained that his car making company Tesla will resume allowing Bitcoin transactions.

Bitcoin and Dogecoin prices are on the rise again after Elon Musk’s latest tweets where he explained that his car making company Tesla will resume allowing Bitcoin transactions if there's confirmation of reasonable clean energy usage by miners. Musk’s clarification came a month after he had announced that Tesla will not accept payments in Bitcoins as promised earlier. The Tesla chief had cited environmental concerns due to Bitcoin mining as a reason behind the decision. The statement led to a negative sentiment in the crypto market. Most cryptocurrencies including Bitcoin were on a downward trajectory in May before the market crash of May 19. Some cryptocurrencies have recovered since then but, Musk’s latest vote of confidence is probably what was required. A day after his new tweet, the value of Bitcoin rose more than 10 per cent. Bitcoin price was more than Rs 30 lakh (at the time of writing) while Dogecoin was trading around Rs 24 (at the time of writing).