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Elon Musk has become one of the biggest reasons for the disturbance in the world of bitcoins. He has been making a lot of tweets on bitcoin, which has led to a decrease in the value of bitcoins. Recently Elon musk has also continued to make a difference in the bitcoin price after sending it to its lowest price since the month of February. In his recent tweets, he has said that the tesla company may sell or might have sold the bitcoin which is held.
You need to know that bitcoin was fallen below the price level of $45000, and this was for the first time in the last three months after the tesla car company owner made a tweet in which it was said that tesla might divest the 1.5 billion dollars holding of bitcoins.
In New York, bitcoin was traded for the value of $45270, and it was down for up to the value of $4000 from its value which was on Friday. The online and open commentary of Elon musk has impacted a lot on digital currency. He was also successful in lopping the value of $10000 off from the price of bitcoin in just some hours. It happened after sayings that the tesla car company would not accept bitcoin for its cars.
A few times ago, Elon musk was also invited to the show of Saturday night live, and in this show, he really joked about the digital meme currency, which is dogecoin. It is the token which he has also promoted earlier, and it affected the price of the dogecoin also. It is essential for you to know that after some days, he made a tweet in which he said that he is working with developers of dogecoin aim order to improve the efficiency of transactions of this digital currency. You can use Pattern Trader App for trading in bitcoins.
In early February, tesla made an investment of $1.5 billion in bitcoin and also lent legitimacy to the digital currencies, which have now become so much popular. His latest tweet was a response to the tweet from a person in which he sued the handle named @CryptoWhale. In his tweet, he said that the bitcoiners would slap themselves if, in the next few times, they get to know that the Tesla car company has dumped its entire holding of the bitcoins. He added that the level of hate which Elon musk is receiving is why it’s not going to blame him for that.
To this tweet, the tesla car company owner responded ‘surely.’ The account which made this tweet call itself the analyst of the cryptocurrency according to his bio, and he also published blogs on the market as well as on the trends of the cryptocurrencies.
You will be surprised to know that Elon musk has spent so many hours Sunday hitting back on several users on the Twitter social media platform who were criticizing the musk’s change of attitude on the bitcoin in the last week. One of his moves was that in which he said about the environmental concerns over the demand of power in order to process the transaction of the bitcoin. But at that time, also he said that the tesla company is not going to sell the bitcoin which it is holding.
Elon Musk is an outspoken supporter of digital currencies who has a big following on social media, so he always influences the market of the cryptocurrency by his tweets. He has also been hyping on the dogecoin, which was a digital meme currency, but now it has been reached the five the largest cryptocurrency by value in the market.
Emilie Choi, who is the president as well as the chief operating officer in Coinbase, said in Bloomberg TV that they are looking from the point of long term and so these sorts of problems don’t upset them. She said that the people should focus on the long-term opportunity which they will have, and they should go for it rather than looking for these small glitches.
The bitcoin was really swinging on the roller coaster ride, and that too in a very wild way on the weekend before Elon musk made his tweet. These two days are specifically very volatile for digital currencies. You need to know that the average swing of the bitcoin on the weekend was at 4.95%.
How is Tesla selling off bitcoin going to affect the cryptocurrencies?
The concern which people have regarding cryptocurrency is very serious. This is because the prices of the whole cryptocurrency market have been disturbed after the announcement of the Elon musk. It is quite difficult to say that this dip in the value of bitcoin is just a little bump on the road or it is going to be the end of cryptocurrencies? However, if we see the average market value, then it can be concluded that bitcoin is presently outside of the top ten currencies of the world.
You will be amazed to know that the thing with bitcoin is that it is quite an old tech bit. It is still the leader of the cryptocurrency market. It is still on the top of the digital currency, which has 42% of the total market value. The investors of the cryptocurrency should really console themselves that the Tesla electric car company is not going to sell its holding of bitcoins. one more thing which needs to be noted is that the mush said tesla is also interested in accepting the payment in the digital currencies which have less ten 1 % of the energy footprint compared to that of the bitcoins.
He has also expressed his support for the joke coin, which was dogecoin, and it now stands on level 5 on the list of top cryptocurrencies. However, if we talk about bitcoin, then the researchers and the market analysts are saying that they will see that what is going to happen next. Will the big companies move the digital currency into their reserves or not? Well, the one thing that you should know for now is that the tesla company has not decided to sell the bitcoin now, so you don’t need to worry till then.
Thank you for reading!