Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves

Elon Musk revealed he owned Bitcoin, Ether and Dogecoin in October 2021 (Getty)
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Updated 14 March 2022
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Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves

RIYADH: Bitcoin, Ether and Dogecoin got a boost on Monday after entrepreneur Elon Musk tweeted that he owns the digital tokens and has no plans to sell them.

“I still own and won't sell my Bitcoin, Ethereum or Dogecoin,” Musk tweeted.

Musk, the CEO of Tesla, is no stranger to social media posts about cryptocurrencies.

Last May he said he has not and will not sell any Dogecoin, a token created in 2013 as a joke and for which he had become a proponent. In October, Musk said he owns Bitcoin, Ether and Dogecoin.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising by 0.30 percent to $39,131 at 12:48 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,599, up by 0.97 percent, according to data from Coindesk.

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Bill Barhydt, CEO of crypto trading platform Abra, predicts that the price of Ethereum could reach $40,000, a significant increase from the cryptocurrency’s current price.

“The network effects for Ethereum in the short-term are actually more bullish to me because of the use cases that are just starting to play out,” Barhydt said in an interview with CNBC.

He added: “Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, non-fungible tokens, decentralized finance and gaming now.”

However, Barhydt warned: “We may have a bit of a sell-the-news effect after the initial rush to stake happens with the upgrade in June or July — whenever it happens, the upgrade to proof-of-stake — so you may see a kind of sell-the-news pullback.”


Closing Bell: Saudi main index closes in red at 11,183

Updated 16 February 2026
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Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.