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Elon Musk Sends Bitcoin Crumbling With A One-Word Tweet

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Billionaire Elon Musk once again tweeted on Sunday about Tesla pulling payments in Bitcoin which led to the slump in the prices of the coin in the Monday trading session. In his tweet, he got many reactions from the Twitterati. However, clarifying his stance, he informed that the company has not sold any of its Bitcoin holdings to date. 

  • Bitcoin was seen trading at $45,270 as of 5:51 P.M. in New York
  • Bitcoin price dipped to 8.5% 

Elon Musk, a billionaire and owner of Tesla Inc. once again created a ripple effect in the crypto world with his tweets on Bitcoin. Hence, the currency has tumbled below $45,000 after 3 months. He continued to whipsaw the price of Bitcoin, sending it to the lowest since February. 

The billionaire has implied to the Twitter Exchange on Sunday that Tesla Inc. might sell its stake in cryptocurrency. The downfall in the prices of Bitcoin is observed for the first time in three months. This is evident when an electric car maker Musk tweeted that Tesla will not continue payment in Bitcoin, the largest cryptocurrency that had $1.5 billion stakes. 

The bitcoin was seen trading at $45,270 as of 5:51 P.M. in New York. It is about $4,000 down. 

The latest turmoil in digital currency is due to the sudden Tweet of Elon Musk on his Twitter hinting that Tesla would cast out its Bitcoin Holdings. This has happened with a string of tweets exchanged between Musk and other Twitter users. 

Reactions to Elon Musk tweet

When one of the Twitter users named Mr Whale replied to Musk on his Tesla pulling out of Bitcoin said that Musk would ditch Bitcoin over the hate that he had received after this announcement, Musk replied only with one word “Indeed”. 

This has created tension among the Twitterati and of course in the crypto world too. The vague message was enough to act as a fire for the cryptocurrency. This has led many investors to sell off their Bitcoins and hence the price dipped 8.5% down to $44,395. 

On Sunday, Elon replied to almost all of the Twitter users who criticized his change of stance on Bitcoin. Elon’s tweets hold much weightage and immense power whenever he tweets about cryptocurrency. He has led the prices of cryptocurrencies to go up and down while tweeting about them. There are several followers who follow Musk and his advice.

Replying to another Tweet by Bitcoin Archive where they have posted about the downfall graph of the coin due to Elon’s statement, Elon clarified the speculation that Tesla has not sold any bitcoin. 

Reaction to Musk’s Earlier tweets led to a shift in the prices 

A few days ago, when Elon was hosting a chat show Saturday Night Live, he joked about Dogecoin, a token that he adores. His joke led to the fall in the prices of Dogecoin. Later he clarified that he was working with Doge developers to enhance its transaction efficiency. 

Earlier in February 2021, when Musk tweeted that Tesla used $1.5billion in corporate cash to buy bitcoin has led the prices of the coin to a record high. He is no stranger to playing the sentiments of the market via his tweets. He has been responsible for boosting the price of Dogecoin with his tweets and doge memes. 

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