Bitcoin turns over as price lowers after Musk’s tweet

The price of Bitcoin traded below $45,000 on Sunday after a tweet by Tesla CEO Elon Musk, an outspoken supporter of cryptocurrency, suggested Tesla may be considering or may have sold off its bitcoin holdings. It first surges in early February as a result from Twitter talk about Tesla. Bitcoin’s wild ride is merely a result from Musk’s tweets.

Musk’s tweet was in response to an unverified Twitter account called @CryptoWhale, which said “Bit coiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him”.

https://twitter.com/CryptoWhale/status/1394247566347456516?s=20

“A nice pop, but this is small versus the Musk-induced selling that has been taking place lately,” said Neil Wilson, chief market analyst at Markets.com. “There is nothing new I can say about bitcoin – volatile, highly speculative, easy to manipulate; a bubble.”

Tesla CEO Elon Musk speaks during the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike Blake/File Photo/File Photo

Musk replied “indeed” without specifying whether Tesla had sold off its bitcoin holdings or that he simply agreed with the sentiment that he faced criticism.

On May 12, Musk said Tesla will no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.

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The Tesla boss’ tweets, which had helped drive some of the gains in bitcoin in recent months, last week triggered a 17% slide in the value of the cryptocurrency when he said his company’s customers would no longer be able to use bitcoin to buy its cars.

He later clarified that Tesla has not sold its bitcoin.

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Daniel Wallis)