Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Bitcoin price lower after Musk tweet

Published 05/16/2021, 05:53 PM
Updated 05/17/2021, 12:58 PM
© 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

(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.

Latest comments

Elon Musk boys have turned against him, idk why they even followed him in the first place, haha.
I really want to throw punchs on his face
He's heading for Federal Prison and Asset Confiscation.
Would there be so many large scale ransomware attacks if there was no Bitcoin?
Pump and dump … :D
So many times Musk is manipulating the market whether the stock market or the crypto market. Whare the ***are the SEC?
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?
SEC should investigate his dirt bag tactics . he's nothing but a price manipulator
For what? Everybody loves cryptos because they're unregulated... So no oversight by the SEC.
He's a joke.
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.
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.
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.
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
monkey
hello
Is this the beginning of the end for Musk...
his is making money in crypto investment to finance his real business.
OR....he may be trying to drive the price down, so he can buy more at a lower price.
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!
Nailed it 😂
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.
 Really? So much for a non-regulated privacy-centered currency ! What a joke!
SEC should act ! FED should immediately raise the interest rate to spot this nonsense speculation before we get a new financial crisis
a CEO that dayly manipulates cripto **** info and market can not run a pseudo car manufacturing company....
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)
Yes, and also for doge. Manipulate all to his own advantage.
Tesla and Bitcoin, both pumped up air...
it's not a reliable asset if it can be affected so easily by tweets by someone who has no say on monetary policy
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.
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’...
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.