Market value of BTC continues to go down for its ruckus week over Tesla’s pullback from the crypto.
Elon Musk, Tesla CEO, made another tweet on Sunday afternoon on the company’s crypto holdings. He implied that the electric car manufacturer has already sold or may sell its entire BTC holdings.
Likewise, the Bitcoin market price almost immediately plunged to follow the comments. Coin Metrics confirmed its trading at $42,241.44 by 12:07 am ET on Monday. And it’s the lowest value of the world’s most popular crypto asset since February.
A tweet by @CryptoWhale, a reputed crypto analysis Twitter account gained the media attention.
It predicts the Bitcoiners will slap themselves in the next quarter for Tesla’s dumping of its holding. Also, it even poked Musk over his blame regarding the issue. However, Elon Musk made a simple reply to the tweet with – “indeed”.
Tesla remains unavailable for confirmation or comment on the matter for now.
Potential sales took place following Tesla’s decision to keep its holding. It stated to intend future Bitcoin transactions with sustainable mining energy support.
Musk made the official announcement last week to declare climate concerns. He denoted the rapid increase in fossil fuels to drive the decision. Bitcoin went down by 5% within the first minute of the tweet.
The SpaceX figure is more like a poster boy for worldwide crypto promotion for a good time. He explicitly takes an active part in rallying digital currency values on different occasions.
Market analysts failed to agree on the exact cause of Tesla’s pullback from bitcoin. Some pessimists are blaming Musk’s keen interest in meme-based Dogecoin for the U-turn. In fact, Elon Musk keeps pushing DOGE with occasional tweets in favor of the crypto.
His company, Tesla, made an SEC filing in February to purchase BTC worth $1.5Bn. It even revealed a net $101Mn gain from BTC in the first quarter.
Of course, investors or traders are not taking his continuous influence on the market lightly. Many enthusiasts have been relentlessly criticizing his actions, thoughts and tweets.
It’s yet to see if BTC can continue its market domination over DOGE with dramatic changes.
