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Bitcoin price lower after Musk tweet

Stock MarketsMay 17, 2021 12:58PM ET
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2/2 © Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo 2/2

(Reuters) - The price of Bitcoin traded below $45,000 on Sunday after a tweet by Tesla (NASDAQ:TSLA) CEO Elon Musk, an outspoken supporter of cryptocurrency, suggested Tesla may be considering or may have sold off its bitcoin holdings.

Musk's tweet was in response to an unverified Twitter account called @CryptoWhale, which said https:// "Bitcoiners 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…".

Musk replied https:// "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.

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.

Bitcoin price lower after Musk tweet
 

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Comments (24)
Jo Jo
Jolteon May 17, 2021 2:13PM ET
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Elon Musk boys have turned against him, idk why they even followed him in the first place, haha.
jemin An
jemin An May 17, 2021 2:07PM ET
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I really want to throw punchs on his face
John Lee
John Lee May 17, 2021 1:47PM ET
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He's heading for Federal Prison and Asset Confiscation.
Iam Suleman
YesomiteSam May 17, 2021 9:09AM ET
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Would there be so many large scale ransomware attacks if there was no Bitcoin?
Gustavus Maramis
Gustavus Maramis May 17, 2021 7:45AM ET
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Pump and dump … :D
Plamen Atanasov
Plamen Atanasov May 17, 2021 6:50AM ET
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So many times Musk is manipulating the market whether the stock market or the crypto market. Whare the ***are the SEC?
Louis Lipps
Louis Lipps May 17, 2021 6:35AM ET
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Why are all the BTC perma bulls up in arms when Musk tweets against BTC when they were overjoyed, embarrassingly so, when he tweeted he bought BTC and they'd be accepted as payment for his vehicles?  Honest question.  Want to have your cake and eat it too?
OLD MAN FED
OLD MAN FED May 17, 2021 4:36AM ET
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SEC should investigate his dirt bag tactics . he's nothing but a price manipulator
Robert Cox
Robert Cox May 17, 2021 4:36AM ET
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For what? Everybody loves cryptos because they're unregulated... So no oversight by the SEC.
Yelen Shim
Yelen Shim May 17, 2021 2:02AM ET
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He's a joke.
Neurotoxin Pridebreaker
Neurotoxin Pridebreaker May 17, 2021 1:26AM ET
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80% of the drop on Sunday had already happened BEFORE Musk's tweet. Finance journalists don't understand what moves cryptocurrencies and will just run with the most obvious implication.The inflation scare on Wednesday did this, NOT Musk; and every technical analyst predicted it.
Jacob Steinschlag
Jacob Steinschlag May 17, 2021 1:26AM ET
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what are you talking about? i was there when it happened, your statement is simply not true. if you compare the tweet time and the bitcoin drop start you'll see it happened exactly at the time of the tweet being published.
James Harvey
TheRealGreyGhost May 16, 2021 11:19PM ET
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Muskrat is an elitist jerk manipulating markets for his own benefit and is duplicitous as he'll considering he never gave on iota of concern for the burden his cars put on the electrical grid or the amount of energy and damage to the environment to produce lithium for his batteries.
Brandon Olds
Brandon Olds May 16, 2021 10:27PM ET
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should be illegal what Musk does... he manipulates for his advantage and uses his platform... from Doge to Bitcoin. wacko junkie and his Gothic woman
Mohd Adamu
Mohd Adamu May 16, 2021 9:12PM ET
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monkey
Mohd Adamu
Mohd Adamu May 16, 2021 9:08PM ET
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hello
Michael Angelo
Michael Angelo May 16, 2021 8:28PM ET
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Is this the beginning of the end for Musk...
Do Le
Do Le May 16, 2021 8:26PM ET
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his is making money in crypto investment to finance his real business.
Connecticut Yankee
A_Jaundiced_Eye May 16, 2021 7:40PM ET
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OR....he may be trying to drive the price down, so he can buy more at a lower price.
Larson Leyson
Larson Leyson May 16, 2021 6:28PM ET
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Crypto "investors" wanted a completely non-regulated non-governed currency....here it is !!!! Live with that now, no SEC to complain about Elon's diapers!
Ashish Kumar
Ashish Kumar May 16, 2021 6:28PM ET
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Nailed it
Neurotoxin Pridebreaker
Neurotoxin Pridebreaker May 16, 2021 6:28PM ET
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Except Bitcoin IS regulated by the SEC as a security, and they've already threatened to audit Tesla for Musk's tweets. I'm sorry facts undermine your desired narrative.
Larson Leyson
Larson Leyson May 16, 2021 6:28PM ET
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Neurotoxin Pridebreaker  Really? So much for a non-regulated privacy-centered currency ! What a joke!
Ricardo Diogo
rcd72 May 16, 2021 6:20PM ET
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SEC should act ! FED should immediately raise the interest rate to spot this nonsense speculation before we get a new financial crisis
Ricardo Diogo
rcd72 May 16, 2021 6:17PM ET
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a CEO that dayly manipulates cripto **** info and market can not run a pseudo car manufacturing company....
mike dc
mike dc May 16, 2021 6:12PM ET
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sell high buy low.. its the basics. aperantly he has the power to move A great loads of money... Not only his or teslas .. Also most of bitcoin and tesla investors basically your money. He js a great manipulator in this field (genius)
Adri Mansvelder
Adri Mansvelder May 16, 2021 6:12PM ET
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Yes, and also for doge. Manipulate all to his own advantage.
Jan Buyle
Jan Buyle May 16, 2021 6:06PM ET
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Tesla and Bitcoin, both pumped up air...
andrew lee
andrew lee May 16, 2021 6:04PM ET
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it's not a reliable asset if it can be affected so easily by tweets by someone who has no say on monetary policy
Greg Nathan
Greg Nathan May 16, 2021 6:04PM ET
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Crypto tries to be what gold is, but crypto is not a coin! Crypto is a protected microdot good for what? I don't see crypto as a hard asset - do you? We are beginning to see, that unlike commodities, crypto takes wide swings similar to what BTC just did. You can bet the group of whizz kids that thought up their crypto brands are astonishingly surprised that people are buying their brainchild. The young tech lovers soak it up as hip, the way of the future, without realizing the risk. Remember, several countries have outlawed crypto to protect the unknowing from the risk. Indians love gold because they can wear their wealth in the form of beautiful art work creatively constructed as jewelry. What can you make with your microdots? The crypto minters know what they bring to the market, while they count on the public to consume their glitter and glitz. Granted their is a need for more portfolio holdings to diversify wealth, but as A. Lee pointed out, crypto doesn't seem to be very reliable.
Doitch Caso
Doitch Caso May 16, 2021 6:01PM ET
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Tesla and BTC - two peas in a pod. They are both in for a rough landing, imho, if not worse... like the wheels coming off at landing type of crash, if you catch my drift... aint hatin’, am just sayin’...
 
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