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Cryptocurrency Weekend Surge Calms Down

Cryptocurrencies traded lower on Sunday after surging the previous day following comments by Tesla's Elon Musk and Twitter's Jack Dorsey.

Bitcoin and other cryptocurrencies traded lower on Sunday after surging on Saturday, following a week filled with favorable comments from Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk and Twitter  (TWTR) - Get Twitter, Inc. Report and Square  (SQ) - Get Square, Inc. Class A Report CEO Jack Dorsey regarding Bitcoin.

On Sunday, Bitcoin traded down slightly from the past 24 hours at $34,437.89 at last check, while Ethereum was down 1.7% to $2,159.02 and Dogecoin declined by 2.8% to 19 cents.

Bitcoin had risen to as high as about $34,600 early Sunday before declining. The world's largest cryptocurrency had traded about 7% higher on Saturday from the previous day, Ethereum was 8% higher and Dogecoin had been up about 9%.

The weekend surge for Bitcoin followed a week that began with the cryptocurrency on Tuesday falling below $30,000 for the first time since June 22.

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Then came Wednesday when Musk at The B Word conference voiced his support for Bitcoin, asserting that his companies Tesla and SpaceX own Bitcoin and that Tesla would begin accepting the cryptocurrency again once Bitcoin mining trends toward more renewable energy. He also said that he personally owns Bitcoin, Ethereum and Dogecoin assets.

Musk's comments were followed on Thursday by Dorsey's comments that Bitcoin would be a "big part" of Twitter's future plans to expand into decentralized finance and payments. Dorsey a week earlier had announced Square's plans to create a new company division dedicated to building decentralized financial services using Bitcoin.