Bitcoin Bitcoin -0.2% and cryptocurrencies have surged higher, boosted by fears swirling over out-of-control government spending and former U.S. president Donald Trump's crypto bombshell.

Elon Musk shakes markets, flips narratives, and makes headlines. But if you think he’s the savior of crypto, you’ve missed the memo. While his words can send prices soaring, Musk is not endorsing cryptocurrencies the way many think he is.

The electric carmaker moved its stash of BTC to new wallets earlier this week, sparking speculation on why it may have done so.

The bitcoin price, which soared toward its all-time high of around $70,000 per bitcoin in recent weeks thanks to BlackRock and China, has stalled after Tesla's $750 million worth of bitcoin moved to new addresses following two years of dormancy, sparking speculation Tesla may have sold off its remaining bitcoin.

Tesla has moved the bulk of its Bitcoin to new wallets, though there's no immediate suggestion that Elon Musk's car company is selling.

Elon Musk still believes crypto is valuable, and this alone helps the industry see a massive performance boost.

Elon Musk was asked about the XRP Ledger on Sunday, but he dodged the question and instead talked about crypto in general as a defensive force against centralized control.