Bitcoin rises 5.6% to $49,337.72

Bitcoin rose 5.63 % to $49,337.72 on Sunday, adding $2,628.83 to its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency is up 77.9% from the year’s low of $27,734 on Jan. 4, and down 24% from the year’s high of $64,895.22 hit on April 14.

Ether, the coin linked to the ethereum blockchain network, rose 6.1 % to $3,868.42 by 0800 GMT on Sunday, adding $222.41 to its previous close.

Bitcoin is down about 13% this week, and was last up 1.6% at $50,503. It has slumped over a fifth from its record of just under $65,000 hit last month.

Cryptocurrency markets have gyrated to Musk tweets for months, with his comments on dogecoin – a token started as a joke that has scant practical use – fuelling a hundred-fold rally this year.

Musk knocked bitcoin this week after tweeting that Tesla (TSLA.O) would stop accepting it for payment owing to environmental concerns.

“Toppy markets (are) looking for an excuse to breathe,” said Ben Sebley of crypto firm BCB Group. “Long money doesn’t care about Elon’s tweets. Fast money trades around that stuff now.”