Bitcoin gained more than 4% overnight, and as of 6 a.m. ET is trading at close to $38,000.Just after midnight eastern time, the cryptocurrency stood at $38,289 before beginning a steady decline throughout the night, reach a low of $37,833 at 12:21 a.m. before once again beginning to rise.

BITCOIN MINERS AGREE TO FORM COUNCIL AMID MEETING WITH ELON MUSKBy 3:16 a.m., it reached its overnight high of $39,197, Coindesk reported.

Meanwhile, Ethereum was up almost 14.5% in the last 24 hours, the report said, trading around 6 a.m. ET at $2,555, slightly down from $2,579 at midnight. It reached a peak at around 3:15 a.m. Eastern time, when it hit $2,673.Last week, Bitcoin was trading above $50,105 after its price plunged 10% following Tesla CEO Elon Musk's reversal of his stance on the digital currency.

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Musk announced that Tesla, his electric car maker, would no longer accept Bitcoin as payment.

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