Bitcoin recovery before Elon Musk and Jack Dorsey talk in The B Word – Market Summary

Charlie Taylor

The market capitalization of cryptocurrencies has recovered $80 billion since yesterday, while bitcoin is approaching $31,000 again. Most altcoins register positive gains within 24 hours. A few hours before the live event where Jack Dorsey and Elon Musk will discuss Bitcoin for institutional investors around the world, the price of the main cryptocurrency jumped and regained the $30,000 range.

Bitcoin before and after the event

Yesterday, as we reported in the Market Summary, the BTC continued to fall to an intraday low of around $29,000, which became the asset's lowest price since late June. However, bulls gained strength this morning and reversed the trajectory. This rapid recovery of 6.18% in 24 hours comes just before one of the most anticipated events by the crypto community. The event “The ₿ Word“, described as a “cryptocurrency-targeted initiative that aims to explain how institutional investors can embrace the Bitcoin” will feature Elon Musk at the table, as will Jack Dorsey, CEO of Twitter, Cathie Wood, CEO and CIO of Ark Invest, and Blockstream CEO Adam Back. Musk informally agreed to join the conference last month in a Twitter conversation with Dorsey.

On the first day of the event we will have 5 conversation sessions. The first theme will be presented at 1:00 pm (9am PDT) and is about Bitcoin's energy waste. The event is organized by the Crypto Council for Innovation, which describes itself as “a global alliance of cryptocurrency industry leaders with a mission to demonstrate the transformational promise of cryptocurrencies and communicate their benefits to policymakers, regulators and individuals around the world ”. According to CoinGoLive, the leading cryptocurrency on the market has lost some of its dominance (44.71%), but has regained a few billions in market capitalization, reaching today $592 billion.

Altcoins react positively

Altcoins also suffered from yesterday's widespread declines, but today they react positively. Cryptocurrencies dawn red after a week of falling. The B Word event was the reason for the discharge today. Source: main gains in 24 hours were: Ethereum (8.82%), Binance Coin (9.07%), Cardano (11.4%), Ripple (6.38%), Dogecoin ( 15%), Polkadot (13%), Uniswap (8.3%), Bitcoin Cash (7.3%), Litecoin (7.13%), Solana (14%) and Chainlink (8%) that reacted with points The cumulative market capitalization is $1.32 trillion.
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