Elon Musk's endorsement fuels Bitcoin rally near $70,000

Bitcoin (CRYPTO:BTC) and other cryptocurrencies surged in price following a surprise endorsement from Tesla CEO Elon Musk, pushing Bitcoin closer to its all-time high of $73,000.

At a campaign rally for former President Donald Trump in Pittsburgh, Musk referred to cryptocurrency as "interesting and probably valuable," highlighting its potential as a safeguard against centralised control.

This endorsement has reignited excitement in the crypto market.

Musk’s remarks, though not an endorsement of any specific cryptocurrency like XRP, have driven significant market activity.

The price of Bitcoin neared $70,000, and Dogecoin (CRYPTO:DOGE), a cryptocurrency long associated with Musk, saw a 25% increase over the past week following his comments about the possibility of creating a "Doge" Department of Government Efficiency.

Musk’s influence has been a critical factor in previous crypto market movements, especially during the Covid-era boom.

His recent comments on cryptocurrency being a bulwark for "individual freedom" further heightened investor enthusiasm.

Market sentiment was also fueled by concerns over U.S. government spending and Musk’s warnings about potential economic instability.

These developments have contributed to growing speculation around crypto’s future role in financial systems, particularly if Trump, who has supported various crypto initiatives, regains the presidency.

At the time of writing, the Bitcoin price was $69,102.98.