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Musk tweet causes Bitcoin crash

Musk tweet causes Bitcoin crash

As soon as Tesla boss Elon Musk indicates that Tesla is selling its Bitcoins, the price plunges. Musk has since denied the sale.

Tesla boss Elon Musk continues to cause a sensation in the market for so-called cryptocurrencies and plenty of price movement. At the start of the week, many digital stocks came under considerable pressure after Musk appeared to be suggesting over the weekend that Tesla had sold part of its Bitcoin holdings or was planning to do so. The market recovered somewhat on Monday morning after Musk at least denied that Tesla had already made sales.

At its low, the Bitcoin price fell by more than ten percent on Monday. A daily low of $ 42,185 was reached on the Bitstamp trading platform. That is the lowest level since February. Other digital currencies such as Ether, XRP or Dogecoin also fell significantly. Recently, Bitcoin & Co. recovered somewhat, so that a Bitcoin cost $ 44,500. However, the price was still clearly in the red.

To a tweet from a Twitter user suggesting Bitcoin sales by Tesla, Musk replied “Indeed” late on Sunday evening However, on Monday morning, Musk made it clear in another tweet that this was not the case. “To clarify speculation, Tesla has no Bitcoin sold” , the multi-billionaire tweeted .

The background to the excitement is that Musk is a big fan and advocate of cryptocurrencies. His company, the electric car maker Tesla, announced in February that it had invested $ 1.5 billion in Bitcoin. The company also started accepting Bitcoin as a form of payment. Musk reversed this step last week with reference to Bitcoin’s poor environmental record . Tesla had previously warned of the risks of buying with Bitcoin . As a result, the oldest and best-known digital currency had clearly lost its value. 

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Anthony Browne

Anthony Browne

Anthony is one of the members of the board of directors of Perseus Promos. He works primarily in the community and helps the team understand what's happening at TechWorld. He loves to share all her work experience with readers to keep up to date with the latest trends in the technology and business world.

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