Tesla CEO Elon Musk and coronavirus have both panicked investors — at least once — into dumping their Bitcoin holdings.
The similarities notched up higher in the previous six days as the billionaire doubled down on his chaos-inducing perspective toward Bitcoin. Musk engaged in a Twitter spat with top cryptocurrency advocates over the weekend, including podcaster Peter McCormick, as he projected his favorite cryptocurrency, Dogecoin, as superior to Bitcoin.
Tesla CEO almost admitted that he would have Tesla unload the $1.5 billion investment that it had made in BTC in February. Moreover, the bids for the flagship cryptocurrency kept on sinking with each of Musk’s tweets. First, they went to $50,000, then declined to $45,000, eventually to bottom-out close to $42,000.
Later, Musk clarified that Tesla has not dumped its bitcoin holdings.
Bitcoin dropped to a three-month low on Monday in a volatile session that witnessed investors selling and buying the digital currency after Tesla CEO Elon Musk tweeted about the company’s bitcoin holdings.
Bitcoin slipped to as low as $42,185, its lowest since February 8, and was last down 6.2% and traded at $43,564.
Musk has increased crypto markets with his enthusiasm for the asset class but has lately roiled trade by appearing to cool on bitcoin in favor of its one-time parody, Dogecoin. While BTC, Dogecoin, and ethereum still enjoy substantial gains year to date, their latest gyrations are starting to spook even steeled traders.
According to Alexander Vasiliev, co-founder and chief commercial officer of global payment network Mercuryo, at this rate of fall, bitcoin is likely to see support at $40,000 if the selling continues. Moreover, he added that the market reacts to Elon’s tweets, and if his comments continue, Bitcoin’s price may be kept below $50,000 for much longer.
Ether, linked to the ethereum blockchain, dropped to as low as $3,123.94 and last traded down 8.3% at $3,291. Meanwhile, a meme-based cryptocurrency, Dogecoin, sank 6% to $0.48.
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