Bitcoin News

Bitcoin Rises Above $40,000 on Elon Musk Tweet

Bitcoin reached its highest level in more than two weeks Monday, buoyed by MicroStrategy Inc. MSTR 15.89% completing its $500 million offering of junk bonds to buy bitcoin and by fresh comments from Tesla Inc. Chief Executive Elon Musk.

The world’s largest cryptocurrency by market value traded as high as $41,046.77—a nearly 11% rise from its Friday level at 5 p.m. ET. The market value of all bitcoin in circulation climbed to $752.23 billion, according to CoinDesk.

MicroStrategy said in a securities filing Monday it raised $488 million from its bond sale, an increase from the $400 million it initially planned. The funds will be used to purchase additional bitcoin. The company has been a longtime investor in the cryptocurrency, and this was its third bond sale to purchase bitcoins in less than a year.