Bitcoin jumped almost 16% on Monday, coming close to the $40,000 mark.
Altcoins rose in price even more, the total capitalization of the crypto market soared by 24%.
Cryptocurrencies rose in price on the background of news about the meeting of Elon Musk with miners.
The CEO of Tesla has repeatedly exerted a strong influence on the crypto market. This time, Elon Musk announced a meeting with Bitcoin miners on the topic of using renewable energy sources.
"I talked to North American Bitcoin miners. They intend to report on the current and planned use of renewable sources and will ask miners around the world to do the same. Potentially promising," Musk wrote on Twitter.
The meeting was held in a closed format at the end of last week, and was organized by MicroStrategy CEO Michael Saylor. According to him, the meeting was attended by representatives of such companies as Argo, BLOCKCAP, Core Scientific, Galaxy Digital, HIVE, Hut 8, Marathon and Riot.
"The miners have agreed to form a Bitcoin Mining Council to promote transparency in energy use and accelerate sustainability initiatives around the world," Saylor wrote.
Well-known cryptocurrency enthusiast and founder of Morgan Creek Digital, Anthony Pompliano, said that during the panic in the market, Bitcoin whales bought up more than 122 thousand BTC. For the analysis, Glassnode data was used.
The cryptocurrency hedge funds surveyed by Bloomberg also confirmed that they bought the asset on the fall of the exchange rate. London-based MVPQ Capital and ByteTree Asset Management, as well as Singapore-based Three Arrows Capital, took advantage of the market's decline to make purchases.
"Every time there is a significant liquidation of margin positions, there is a good chance to buy. I would not be surprised if BTC and ETH recover what they lost in the fall in a week, " said Kyle Davis, co-founder of Three Arrows Capital.